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Tessera Proxy's Write-In Option Draws SEC's Eye

By Liz Hoffman (May 20, 2013, 7:46 PM EDT) -- The U.S. Securities and Exchange Commission has objected to Tessera Technologies Inc.'s efforts to let shareholders write in two dissident director nominees, a first-of-its-kind tussle set up by what some critics say are antiquated proxy voting rules.

Tessera, which develops miniature computer chips, has essentially tried to give shareholders the chance to mix and match from a pool of its six director candidates and the six put up by Starboard Value LP, a hedge fund pushing for control of the company. The 12 nominees are competing for eight seats, so both sides are guaranteed at least two slots.

The problem is...

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