Mobile software firm Openwave, which got a buyout bid from private equity firm Harbinger Capital Partners ($335 million for 49 percent of its shares to take its holding to 62 percent and then merging it with fixed mobile convergence specialist Bridgeport Networks) has rejected the bid. The board “unanimously determined that Harbinger’s unsolicited partial tender offer is inadequate and is not in the best interests of Openwave and all of its stockholders,” it said in a statement. “The Board believes that implementation of Openwave’s stand-alone plan will generate greater value for stockholders than Harbinger’s offer.”
Bizjournals.com: The company will restructure and cut 20 percent of its workers as part of its response to its shareholders. Openwave might save as much as $50 million a year from such cuts. But the cuts themselves will cost about $20 million in restructuring charges in Q4. The board cited several reasons in rejecting the offer, including the fact that it was a partial bid and highly conditional.
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