Harbinger reduces price per share and extends tender deadline in its bid for Openwave

By Lisa Kerner

Charlotte, N.C., June 7 - Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP's jointly owned subsidiary Oreo Acquisition Co., LLC reduced the per-share offer price for Openwave Systems, Inc. by $1.20, the amount of the company's dividend declared on June 4, to $7.10.

The original purchase price for the Redwood City, Calif., software company under the May 22 offer was $8.30 per share.

As a result of the change in the per-share price, Harbinger extended its tender offer to midnight ET on June 21 from June 19. To date, some 1,646 shares of Openwave have been tendered in the offer, according to a company news release.

Harbinger also announced that it is challenging a May 18 Delaware court's ruling regarding the investor's nomination of James L. Zucco and Andrew Breen to Openwave's board.

"We have appealed because we continue to believe that the Openwave board interpreted its bylaws in a way that denies the voice of the stockholders," Harbinger managing director Howard Kagan said in the release.

"Jim Zucco, our director nominee at the last board meeting, received more votes than any other candidate - over 56% of the stockholder vote. We believe he should be on the board."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.