{"id":6158,"date":"2007-06-06T00:00:00","date_gmt":"2007-06-06T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"openwave-shuts-out-hedge-fund","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2007\/openwave-shuts-out-hedge-fund.html","title":{"rendered":"Openwave Shuts Out Hedge Fund"},"content":{"rendered":"<p>  Business Week- Openwave Systems, dogged by sliding sales and a steady stream of red ink, has nonetheless attracted a suitor. But the communications software and services provider stiff-armed hedge  fund <a href=\"http:\/\/investing.businessweek.com\/research\/stocks\/snapshot\/snapshot.asp?capId=9471328\">Harbinger Capital<\/a> June 5, recommending that its shareholders reject Harbinger&#8217;s partial  tender offer for 49% of the company&#8217;s common stock. The company also declared a one-time special cash dividend of $100 million.<\/p>\n<p>  The news did not go over well on Wall Street, as Openwave shares slid in Nasdaq trading June 5.<\/p>\n<p>  Openwave said its directors rejected the unsolicited partial tender offer from two funds controlled by Harbinger to buy 40,389,560 of its shares, or approximately 49% of the total, for $8.30 per  share in cash. Harbinger said May 22 that it owns 11,110,000 Openwave shares, or around 13%, and would hold 62% if the offer were completed.<\/p>\n<p>  &#8220;After careful evaluation, Openwave&#8217;s Board unanimously determined that Harbinger&#8217;s unsolicited partial tender offer undervalues Openwave and is not in the best interests of the Company and all of  our stockholders,&#8221; the company said in a June 5 press release.<\/p>\n<p><strong><a href=\"http:\/\/www.businessweek.com\/investor\/content\/jun2007\/pi20070605_335505.htm?campaign_id=rss_null\">Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business Week- Openwave Systems, dogged by sliding sales and a steady stream of red ink, has nonetheless attracted a suitor. But the communications software and services provider stiff-armed hedge fund Harbinger Capital June 5, recommending that its shareholders reject Harbinger&#8217;s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6158","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=6158"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6158\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=6158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=6158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=6158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}