I am pleased to see that an outside investor is putting pressure on this management team. Starboard intends to fill half the board seats at the next proxy vote. I hope they win, TSRA put out the usual rubbish about how they are maximizing shareholder value including a puffy repeat letter from the CEO. Pathetic.
http://finance.yahoo.com/news/Tessera-Technologies-Issues-bw-760135532.html?x=0
TSRA mgmt are surprised they won't consult them. Why bother?
Management could easily improve shareholder value by paying a dividend and attracting a whole new group of investors. With $500m+ of cash on hand it would cost $20m a year to pay 4% - sigh.
Maybe this is not in the cards so they can line up a friendly buyer, they keep their jobs, with stock options at a "take-under price". JMHO
Maybe starboard will have better luck than the bagholders here...