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Openwave locked in battle with Harbinger Capital Partners

Openwave Systems Inc. said it has yet to reach a settlement in its proxy contest with Harbinger Capital Partners.
The mobile software developer said Monday it extended a board seat to James Zucco, one of two director nominees proposed by dissident Harbinger, the company’s second-largest shareholder. But the move failed to end the standoff, which largely stems from Openwave’s disappointing stock performance.
“For the last four days, our board and management team have in good faith tried to reach a mutually acceptable settlement with Harbinger, and we are disappointed we have been unable to do so,” said Bernard Puckett, non-executive chairman of the board. “We look forward to the input we will receive from stockholders at our annual meeting and to continuing the dialogue with our stockholders.”
Openwave’s stock has floundered since May as the company has dealt with disappointing earnings and a federal investigation into past policies regarding stock-option grants. Following the announcement, shares of Openwave slid 9 cents to $8.85, more than 60 percent off its 52-week high of $23.19.


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