Openwave Shuts Out Hedge Fund

The company's share tumbled Tuesday after it recommenced that investors reject a tender offer by Harbinger Capital for 49% of its stock

Openwave Systems (OPWV), dogged by sliding sales and a steady stream of red ink, has nonetheless attracted a suitor. But the communications software and services provider stiff-armed hedge fund Harbinger Capital June 5, recommending that its shareholders reject Harbinger's partial tender offer for 49% of the company's common stock. The company also declared a one-time special cash dividend of $100 million.

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