Tessera Offers 2 Board Seats To Avoid Starboard Proxy Fight

Law360, New York (April 30, 2013, 12:47 PM EDT) -- Tessera Technologies Inc. has offered to expand its board by two seats and save them for directors vetted by Starboard Value LP in an attempt to stave off the activist hedge fund’s bid for a complete shakeup, according to a Tuesday securities filing.

Under the new framework, the semiconductor maker’s board will have eight seats. Despite the expansion, San Jose, Calif.-based Tessera said it would only put a half-dozen nominees up for a shareholder vote, effectively assuring Starboard would have at least two representatives on the...
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