Last week activist orientated hedge fund manager Ramius Capital Group entered into a settlement with Aviat Networks Inc. (NYSE: AVNW) regarding the company’s board. According to Hedge Fund Solutions’ Catalyst Research Report, Ramius Group currently holds 4,528,806 shares, or 7.6% of shares outstanding, in Aviat, and the agreement stipulates that the company will include one candidate recommended by Ramius as a nominee for the next election to its eight-person board. Earlier this year, Ramius told Aviat that the company’s shares were deeply undervalued and expressed a desire to improve Aviat’s operating performance.
Also last week, Ramius Capital sent a letter to SeaChange International (NYSE: SEAC) expressing disappointment over the poor margin performance in SeaChange’s core software business. Ramius was similarly concerned by the company’s decision to continue to operate non-core businesses, and in the letter Ramius demanded that the board explore all strategic options to maximize share value. Ramius currently holds 8.9%, or 2,796,591 shares, of SeaChange, and in June entered into a settlement agreement with the company to expand the board.
Ramius Capital Group is an activist fund manager that was founded by Peter Cohen in 1994 and acquired boutique investment bank Cowen Group in 2009. |
