Shareholder Activist Ramius Capital finalizes agreement with Aviat, pressures SeaChange

September 22nd, 2010
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Contributed by: Hedge Fund Solutions LLC
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.
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; Hedge Fund Resources and Featured Partner News


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