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Harbinger Tries Openwave Take-Under

It offers to buy half the stock at a 4% discount.
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Big Openwave (OPWV) shareholder Harbinger Capital offered to take a controlling stake in the telecom software company at a discount to recent trading prices.

New York-based Harbinger offered to buy 40.4 million Openwave shares at $8.30 apiece, below their $8.65 closing price Monday. Harbinger, which already owns 13% of Redwood City, Calif.-based Openwave, said that if all shareholders tender it will end up owning 62% of the company.

Harbinger said it would pay special dividends out of Openwave's cash on hand and merge the company with closely held BridgePort Networks. Harbinger also said it would name BridgePort chief Mike Mulica as CEO.

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