Ramius Capital increases activist ownership stake in SeaChange to 7.2%

April 19th, 2010
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On April 15th, Peter Cohen’s Ramius Capital Group revealed that it had purchased 400,000 more shares of software and hardware company SeaChange International (NASDAQ: SEAQ), bringing its ownership stake to 2,250,000 shares or 7.2% of shares outstanding.

SeaChange announced on April 9th that it had received a notice from Ramius Capital’s Ramius Value and Opportunity Master Fund Ltd that revealed that the hedge fund manager was nominating two representatives for the company’s board. SeaChange said that it was working “collaboratively” with Ramius Capital. In a company press release, SeaChange’s CEO and Chairman, Bill Styslinger, commented, “I believe our current business plan will increase value for our shareholders and that the Company’s currently constituted Board of Directors is important to the execution of this plan. We look forward to continuing our discussions with Ramius and evaluating additional ways to strengthen the Company.”

Ramius Capital’s nominees include John Buckett and Edward Terino. In a March 30th Schedule 13D filing with the SEC, revealed a 6% position and stated the hedge fund manager’s belief that the shares of the company “were undervalued and represented an attractive investment opportunity.”

Ramius Capital Group is an activist hedge fund management firm founded in 1994 by Peter Cohen. In November 2009, Ramius acquired boutique investment bank Cowen Group Inc. (NASDAQ: COWN) and the firm now operates as the global alternative investment management branch of Cowen Group.
For Detailed Investor Profiles on these Investors, click below:
Ramius Capital Group
Related People: Jeffrey Smith; Jeffrey Solomon; Mark R. Mitchell; Morgan Stark; Peter Cohen; Thomas Strauss
Related Entities: Cowen Group Inc. (NASDAQ: COWN); Ramius Alternative Investments; Ramius Credit Fund; Ramius Enterprise LP; Ramius Intermediate Fund; Ramius Multi-Strategy Fund; Ramius Value and Opportunity Fund
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles


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