Hedge fund Harbinger Capital will likely sell its shares in Openwave if its tender offer for the mobile software firm fails Thursday, it said. The fund made its last-minute plea for investors to tender their holdings of the software company at $8.30 per share before the June 21 deadline.
Meanwhile, Openwave CEO Robert Vrij made his case in a letter filed Tuesday, explaining “why Openwave’s standalone plan is a stronger alternative to the Harbinger proposal for employees and shareholders alike…Our plan allows for the customer to receive the benefit of a synergistic multi-product solution..and Harbinger’s plan appears to be focused on messaging and divesting most or all other Openwave lines of business,” leaving the company exposed to commoditization, he said.
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