Olshan Represents Cadian in Settlement of Comverse Proxy Contest
Olshan client Cadian Capital Management, LLC (“Cadian”), has successfully entered into a settlement with Comverse Technology, Inc. (“CMVT”) concerning the composition of the Board of Directors of CMVT, the Board of Directors of Comverse, Inc. (“CNS”), a wholly owned subsidiary of CMVT, and the Board of Directors of Verint Systems Inc., a majority-owned subsidiary of CMVT. CMVT agreed to appoint three Cadian nominees to the CNS board prior to its planned spin-off from CMVT. If the spin-off does not occur by a certain date, CMVT agreed to appoint three Cadian nominees to the CMVT Board, following resignation of three incumbent directors. CMVT also agreed to cause three nominees designated by Cadian to the Verint board, following the resignation of three incumbent directors. Steve Wolosky, Elizabeth Gonzalez and Camielle Green represented Cadian with its investment and the settlement negotiation.