NEW YORK, Jan. 31, 2013 /PRNewswire/ -- Cadian Capital Management, LLC (together with its affiliates, "Cadian Capital"), today announced that it intends to vote the shares of common stock that it owns in Comverse Technology, Inc. (NASDAQ: CMVT) ("CTI") and Verint Systems Inc. (NASDAQ:VRNT) ("Verint") in favor of the merger of CTI with and into a wholly-owned subsidiary ("Merger Sub") of Verint, with Merger Sub surviving as a wholly-owned subsidiary of Verint, at the upcoming special meeting of shareholders of CTI and special meeting of stockholders of Verint, each scheduled for February 4, 2013. Cadian Capital believes the terms of the merger are fair and reasonable to and in the best interests of both CTI shareholders and Verint stockholders. On May 30, 2012, Cadian Capital entered into a letter agreement with CTI, in which the parties agreed, among other things, to take various actions with respect to the composition of the Board of Directors of Verint, the Board of Directors of Comverse, Inc., a wholly owned subsidiary of CTI, and the Board of Directors of CTI, and Cadian Capital agreed, among other things, to vote all securities of CTI and Verint over which it has beneficial ownership and publicly announce its intention to vote in favor of a merger between CTI and Verint if the proposed terms and conditions of which, in the reasonable business judgment of Cadian Capital acting in good faith, are fair and reasonable to, and in the best interests of, both CTI shareholders and Verint stockholders. Cadian Capital is an equity long/short hedge fund manager with a focus on the technology sector. Contact:Eric Bannasch / Justin GriffithCadian Capital Management, LLC (212) 792-8800 SOURCE Cadian Capital Management, LLC
Shares of Comverse Technology (Nasdaq:CMVT) were gapping down Thursday morning with an open price 10.7% lower than Wednesday's closing price. The stock closed at $6.07 yesterday and opened today's trading at $5.42.