Starboard Seizes Control At Tessera With Last-Minute Deal

By Liz Hoffman (May 23, 2013, 8:06 PM EDT) -- Starboard Value LP took control of Tessera Technologies Inc. through a last-minute agreement Thursday that headed off a shareholder vote and ended a two-year effort by the hedge fund to reshape the struggling chip maker.

Starboard and Tessera had both been running slates of six directors for eight slots, guaranteeing each side at least two seats. But just hours before Thursday's vote, they struck a deal to increase the size of the board to 10, composed of all six of Starboard's nominees and four of management's.

The company also agreed to select a new CEO from among Starboard's nominees to replace...

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