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Tessera Technologies Inc. Message Board

  • ex_hacker202 ex_hacker202 Feb 19, 2013 10:56 AM Flag

    Watch for an eventual break up and buyout

    From Starboard's shot across the bow PR today:

    "In the case of AOL, we highlighted the value of the company's intellectual property portfolio and urged the company to explore opportunities to monetize these assets. Subsequently, on April 9, 2012, AOL announced the sale of a substantial portion of its portfolio to Microsoft for $1.056 billion and the stock price increased 43.3% on that day alone. In the case of MIPS, we took action to make changes to the board of directors and advised the company to explore strategic options to separate the operating business from the intellectual property assets. On November 5, 2012, MIPS announced a two-part transaction which included the sale of the operating business and the intellectual property assets to two separate entities. From August 21, 2011, the day prior to Starboard's 13D filing, to February 7, 2013, when the transaction closed, MIPS' stock price increased 85.4%. In the case of Unwired Planet (f/k/a Openwave), we: (i) made significant changes to the board of directors, including my appointment as Chairman of the Board; (ii) replaced management, including a new CEO; (iii) exited the company's failing product businesses; and (iv) completed an industry changing transaction with Ericsson that resulted in Ericsson contributing 2,185 US and international patents and patent applications to Unwired Planet's existing portfolio of 200 patent assets. "

    I USED to also own MIPS, got stuck with a 35% loss when they were forced to accept a buyout . While I highly doubt TSRA's pps will almost double from Starboard's 13-G price of ~ $16 like MIPS did, if it goes up ~ 50% I can dump this POS and exit break even, at least, been dead money almost from the days I bought it.

    Anyone else here up for a buyout if the price is right?

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    • Well of course I'd like to see a buyout if the price was right. But what's the right price? Would anyone pay it? There's a little $300MM plus disagreement over how much Amkor owes Tessera over an arbitration that has already been decided in Tessera's favor (I point out already decided NOT to suggest that the larger amount is appropriate, but to suggest that the time scale for reaching final decision is an investment one). The DOC division has shown that its proposed flagship product can be manufactured, but hasn't yet shown that it can be manufactured at a practical yield or that it will be the successor to the obsolete device presently in the niche it seeks. Just before Tessera stopped communicating, we learned that chipmakers are conerned that there may be newer patents of broad enough scope to serve as flagships for license enforcement.

      This happens all the time with the small drug development companies I like to invest in. A drug candidate gets interesting and it would make ever so much sense to sell the company if only a fair price could be determined...which it can't be.

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