Openwave’s Bidder Ready To Hang Up

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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