Press release from PR Newswire
Starboard Delivers Letter to TriQuint CEO and Board of Directors
Tuesday, October 29, 2013
Starboard Delivers Letter to TriQuint CEO and Board of Directors09:13 EDT Tuesday, October 29, 2013
Outlines the Significant Opportunities for Value Creation at TriQuint
Highlights Strong Profitability and Growth of TriQuint's Networks & Defense and BAW Filter Businesses, Which Together May Be Worth Far More Than Where the Company Currently Trades
Cites TriQuint's Underperforming, Underutilized Mobile Power Amplifier (PA) Business and its Excessive Operating Expenses as Primary Reasons TriQuint's Performance Has Significantly Lagged Peers
Urges TriQuint to Explore Ways to Create Value for Shareholders, Including Restructuring of the Mobile PA Business
Seeks to Immediately Begin Discussions with the Board Regarding Board Composition and Alternatives to Unlock Shareholder Value
NEW YORK, Oct. 29, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), owning securities representing beneficial ownership of approximately 8% of the outstanding common stock of TriQuint Semiconductor, Inc. ("TriQuint" or the "Company") (NASDAQ: TQNT), today announced that it has delivered a letter to the Company's CEO, Ralph G. Quinsey, and the Company's Board of Directors.
The full text of the letter is available for viewing at the following link: http://tinyurl.com/starboardlettertriquint
About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.
Investor contacts: Peter Feld, (212) 201-4878 Gavin Molinelli, (212) 201-4828 www.starboardvalue.com
SOURCE Starboard Value LP