Olshan’s Activist Practice Negotiates Board Seats for Starboard at MIPS
Reuters reported on the successful negotiation of a settlement by Olshan’s client Starboard Value LP with MIPS Technologies. Starboard Value had launched a solicitation seeking to elect three of its nominees to the Board of Directors of MIPS. Under the settlement, MIPS agreed to nominate two of Starboard’s director candidates at its 2011 Annual Meeting and to form an Independent Advisory Committee of the Board. Starboard is the largest shareholder of MIPS with a 9.9% stake. MIPS, based in Sunnyvale, CA, designs technology used in products such as digital televisions, set-top boxes, Blu-ray players and portable/mobile communications and entertainment products.
Steve Wolosky, Andrew M. Freedman and Jason W. Soncini represented Starboard Value in the settlement negotiation.