Progress Software rejects activist investor's demands

(Reuters) - Progress Software Corp (PRGS.O) on Tuesday rejected calls by activist investor Praesidium Investment Management to change its acquisition strategy and replace the chairman of its board.

Bedford, Massachusetts-based Progress said its chairman Jack Egan had the support of the company's board of directors and that the strategy proposed by Praesidium was not in the "best interests" of its shareholders.

Praesidium last week urged Egan to resign, and asked for a shake up of Progress's strategy following the software maker's rejection of an acquisition opportunity proposed by Praesidium.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar)