NEW YORK, Oct. 9, 2012 /PRNewswire/ -- Cadian Capital
Management, LLC (together with its affiliates, "Cadian Capital"),
today announced that it intends to vote in favor of the spin-off of
Comverse, Inc. ("CNS") from Comverse Technology, Inc. (NASDAQ:
CMVT) ("CTI") at the upcoming special meeting of shareholders
scheduled for October 10, 2012.
Cadian Capital believes the terms of the spin-off are fair and
reasonable to and in the best interests of CTI's
shareholders.
In May 2012, Cadian Capital
entered into an agreement with CTI regarding the composition of the
Boards of Directors of CTI, its majority-owned subsidiary Verint
Systems, Inc., and CNS and agreed to vote in favor of the planned
spin-off of CNS to CTI's shareholders, provided the terms of the
spin-off were fair and reasonable to and in the best interests of
CTI's shareholders.
Cadian Capital is an equity long/short hedge fund manager with a
focus on the technology sector.
Contact:
Eric Bannasch / Justin Griffith
Cadian Capital Management, LLC
(212) 792-8800
SOURCE Cadian Capital Management, LLC