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UTStarcom (UTSI) - Get UTStarcom Holdings Corp. Report put itself on the block Wednesday, saying it had hired Merrill Lynch to explore strategic alternatives.

The Alameda, Calif., wireless-gear company said it believes its value isn't reflected in its current share price. UTStarcom shares hit a 52-week high Wednesday, though they have lost more than half their value over the last two years. During that span, the company has been hit hard by management turnover, repeated financial shortfalls and accounting problems.

UTStarcom said Ying Wu, CEO of UTStarcom China, will oversee the sale effort under the direction of a special board committee. Wu won't assume the title of Global CEO on Jan. 1 as a result.

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