Press release from PR Newswire
Starboard Delivers Letter To TriQuint Board Of Directors
Monday, December 02, 2013
Starboard Delivers Letter To TriQuint Board Of Directors08:37 EST Monday, December 02, 2013
Reiterates that TriQuint Is Deeply Undervalued and that Significant Opportunities Exist to Unlock Value Based Upon Actions within the Control of Management and the Board
Has Serious Concerns with TriQuint's Prolonged Underperformance Under the Direction of the Current Management Team and Board
Nominates a Slate of Highly Qualified Candidates for Election at the 2014 Annual Meeting
Remains Amenable to Reaching a Mutually Agreeable Resolution to Re-Constitute the Board in a Manner that Is in the Best Interests of All Shareholders
NEW YORK, Dec. 2, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates and director nominees, "Starboard"), owning securities representing beneficial ownership of approximately 7.9% 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 Board of Directors. In the letter, Starboard reiterated its beliefs, as previously outlined in detail in Starboard's October 29, 2013 letter to TriQuint, that the Company is deeply undervalued and that significant opportunities exist to unlock value based on actions within the control of management and the Board. Starboard stated in the letter that it is seriously concerned with TriQuint's prolonged underperformance under the direction of the current management team and Board, and that Starboard believes substantial change is needed on the Board to ensure that appropriate actions are taken to improve execution, drive better financial performance, and create value for all shareholders. To that end, Starboard has nominated a slate of highly qualified candidates for election to the TriQuint Board at the Company's 2014 Annual Meeting. Starboard remains open to reaching a mutually agreeable resolution to re-constitute the Board in a manner that is in the best interests of all shareholders.
The full text of Starboard's December 2, 2013 letter to the Board is available for viewing at the following link: http://tinyurl.com/TQNT-Letter-From-Starboard
Starboard's October 29, 2013 letter to TriQuint may be viewed 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