We also want to make clear to you that our goal is not to control the Board, but to reconstitute it with extremely accomplished and independent individuals who have the requisite skill sets to lead Tessera on a path to long-term success. We are writing to you now to explain why the Company's offer is inadequate and entirely unacceptable to us, and why you, too, should find it unacceptable. However, in Tessera's case, we do not believe a change in a minority of its board of directors (the "Board") will have the desired impact because of the consolidation of power around the Company's chairman, Robert Boehlke, and its CEO, Robert Young, and the other directors' apparent unwavering support of these individuals despite serious allegations against them.ĭuring the course of this proxy contest, the Company is going to attempt to make Starboard appear unreasonable for not accepting the Company's settlement offer to add two independent, Starboard-recommended candidates to the Board, and will accuse us of trying to take control of the Board. With most of our portfolio companies, we are able to accomplish our goals and create shareholder value by obtaining minority representation on their boards of directors. Starboard has a long history of working constructively with management teams and boards of directors of undervalued and underperforming public companies to identify and execute on opportunities to unlock value for the benefit of all shareholders. Our interests are directly aligned with yours and we believe that there is significant value to be realized at Tessera. ("Tessera" or the "Company"), making us one of the Company's largest shareholders. Starboard Value LP, together with its affiliates ("Starboard"), currently owns approximately 7.6% of the outstanding common shares of Tessera Technologies, Inc. Open Letter to Shareholders of Tessera Technologies, Inc.
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(NASDAQ: TSRA) ("Tessera" or the "Company") with approximately 7.6% of the outstanding common stock of the Company, announced today that it has delivered an open letter to the shareholders of Tessera, the full text of which is included below:
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.NEW YORK, Ma/PRNewswire/ - Starboard Value LP (together with its affiliates, "Starboard"), one the largest shareholders of Tessera Technologies, Inc. And when you add this solid Zacks Rank to a positive Earnings ESP, a positive earnings surprise happens nearly 70% of the time, so it seems pretty likely that TSRA could see another beat at its next report, especially if recent trends are any guide.
This is particularly true when you consider that TSRA has a great Zacks Rank #1 (Strong Buy) which can be a harbinger of outperformance and a signal for a strong earnings profile. This is the case for TSRA, as the firm currently has a Zacks Earnings ESP of 15.63%, so another beat could be around the corner. In fact, the Earnings ESP for TSRA is positive, which is a great sign of a coming beat.Īfter all, the Zacks Earnings ESP compares the most accurate estimate to the broad consensus, looking to find stocks that have seen big revisions as of late, suggesting that analysts have recently become more bullish on the company’s earnings prospects. Thanks in part to this history, recent estimates have been moving higher for Tessera Technologies. Meanwhile, for the most recent quarter, the company looked to deliver earnings of 71 cents per share, when it actually saw earnings of 85 cents per share instead, representing a 19.7% positive surprise. Two quarters ago, TSRA expected to earn 1 cent per share, while it actually produced earnings of 15 cents per share, a beat of huge amount.
In fact, in these reports, TSRA has beaten estimates by at least 15% in both cases, suggesting it has a nice short-term history of crushing expectations. This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. ( TSRA), a firm in the Electric Manufacturing Machinery industry, which could be a great candidate for another beat. Looking for a stock that might be in a good position to beat earnings at its next report? Consider Tessera Technologies Inc.
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