Monthly Archives: April 2012

IDTI’s Way to Deal with Starboard’s Filing

  Integrated Device Technology, Inc. and PLX Technology, Inc. today announced that they have signed a definitive agreement pursuant to which IDT will acquire PLX. Under the terms of the agreement, unanimously approved by the boards of directors of both companies, IDT will acquire all of the outstanding shares of PLX common stock pursuant to…

Potomac Capital Disappointed by Sigma Designs Lowering Poison Pill Threshold

Sigma Designs, Inc.1778 McCarthy BoulevardMilpitas, California 95035Attn: Board of Directors Gentlemen:Potomac Capital Partners III, L.P., together with its affiliates (collectively, the “Potomac Group,” “we” or “us”), owns an aggregate of 2,464,952 shares of Common Stock of Sigma Designs, Inc. (the “Company”), representing approximately 7.5% of the outstanding shares. We are writing to express our serious…

GeoMet Hires Bankers to Review Strategic Alternatives

GeoMet, Inc. announced that J. Darby Seré has resigned today as Chairman, President, Chief Executive Officer and as a Director of the Company to pursue other opportunities. The resignation is effective immediately. The Board has named Michael Y. McGovern as the Company’s new Chairman of the Board of Directors and William C. Rankin, formerly the…

Sears Provides Details on Pending Spin-Off

Sears Holdings Corporation announced that, in connection with its previously announced rights offering transaction, Sears Hometown and Outlet Stores, Inc. filed today a registration statement on Form S-1 with the Securities and Exchange Commission. The rights offering transaction will effect the separation of the Sears Hometown and Outlet businesses from Sears Holdings. The rights will be…

Roumell Lightens Up on TACT

Roumell Asset Management, LLC and by James C. Roumell (the “Reporting Persons”) acquired shares of the common stockof the Issuer as part of their ordinary course of business for investment purposes, based on their belief that the Issuer’s stock isundervalued and represents an attractive investment opportunity. As of January 9, 2012, the Reporting Persons decided…

Costa Brava’s 13D Filing on KIT digital, Inc.

Item 4. Purpose of Transaction Costa Brava acquired the Common Stock that it beneficially owns in the ordinary course of its business of purchasing, selling, trading and investing in securities. The Reporting Persons may, from time to time, depending on market conditions and other considerations, acquire additional securities, take other steps to enhance the value…

magicJack to Distribute Subscription Rights

magicJack VocalTec, Ltd., plans to distribute non-transferable subscription rights to present shareholders of record owning stock on May 7, 2012 to purchase ordinary shares at a subscription price to purchase one ordinary share for $2.00 for every four ordinary shares owned. The company’s cash balance will increase over $10 million if all the rights are exercised…

Carrols Restaurant Spin-off To Trade When-Issued Today

Carrols Restaurant Group, Inc. BoD approved the spin-off of Fiesta Restaurant Group, Inc., an indirect wholly-owned subsidiary that operates the Pollo Tropical® and Taco Cabana® restaurant businesses. The spin-off will be completed through a tax-free dividend of the common stock of Fiesta to Carrols’ stockholders. The distribution of the Fiesta common stock is expected to occur…

Proforma Look at Progress Software

Progress management held a conference call today to provide some details on the announcement of divestitures, refocus of its business around ADP, share buyback and restructuring. There was a lot of talk about focusing on Cloud-based services which only 15% of its current custmers utilize. The Company will exit 10 product lines and expects to sell them…

Progress Software “Sees The Light” & Makes Strategic U-Turn

ProgressSoftware Corporation announced today a new strategic plan designed to enhance growth, profitability and shareholder value. Under the plan, Progress will become a leading provider of a next-generation, context-aware application development and deployment platform in the Cloud for the Application Platform-as-a-Service (aPaaS) market by investing in its core OpenEdge, DataDirect Connect and Apama Analytics and Decisions…

Ridley Inc Paying Special Dividend

Ridley Inc. will pay a special cash dividend on its common stock of CAD $2.00 per share payable on May 18, 2012 to shareholders of record on May 7, 2012. Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada. Approximately CAD $1.95 of the special dividend may be designated as an eligible…

Discovery Gp Ups Stake in IntraLinks Holdings

Discovery Group filed a 13D/A on Intralinks disclosing a 6.8% ownership.  The Fund’s average cost is $6.18 per share.  What caught my eye was the Company’s free cash flow yield – Intralinks generated free cash (CFO – CapEx) of $50 million in 2011 and has a market cap of $254 million. Based upon the gawdawful chart, I am…

Sycamore Near Net Cash with a Decent Option Value

I would like to bring Sycamore Networks to your attention because the stock has declined 18% over the past two months which has got it back in the “good value” category. My thesis is simple: 1. As of January 28, 2012, Sycamore held cash and investments of $439 million and no debt outstanding. 2. Strip out cash & investments from its market…

Attention: Initial 13D on Integrated Device Tech

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable,…

CVR Energy Settles with Icahn

Carl C. Icahn today released the following statement regarding the offer by his affiliates to acquire CVR Energy for $30 per share plus a contingent value right:   I am happy to report that we have reached an agreement with CVR that will allow our tender offer to proceed to completion. We will be mailing…

Ivanhoe to Proceed with Rights Offering

Ivanhoe Mines will proceed with a rights offering to holders of common shares of Ivanhoe Mines to raise up to approximately US$1.8 billion in gross proceeds as part of a memorandum of agreement with majority shareholder Rio Tinto.  The rights offering is being backstopped by Rio Tinto, or a member of the Rio Tinto Group,…

Kodak Shareholders Poised for a Valuation Fight

Yesterday, certain shareholders of Eastman Kodak, led by Greywolf Capital and being represented by Brown Rudnick LLP, filed another motion with the Court in support of formation of an official equity committee.  The Debtors and lenders have so far strongly opposed shareholders having a seat at the table.  Following are some excerpts: The Debtors’ primary contention is that appointment of…