Mosaid avoids proxy fight; makes deal with hedge fund

Date: Friday, September 22, 2006
Author: Dylan McGrath, EE Times

Intellectual property (IP) provider Mosaid Technologies Inc. struck a deal with an activist hedge fund Friday (Sept. 22), ultimately preventing proxy fight, according to reports.

Mosaid agreed to expand its board to 10 directors —seven nominated by management and three by the hedge fund, Loeb Partners LLC, according to a Bloomberg report.

Mosaid had been trading jabs with Loeb since the hedge fund wrote a letter to the company's board last month, urging the sale of the company.

Mosaid's annual shareholders' meeting was reportedly delayed by more than three hours while Mosaid and Loeb hammered out a compromise.

Loeb reportedly owns 9 percent of Mosaid (Ottawa, Canada).