![]() Through both internally created and strategically acquired portfolios, our IP allows our customers to enhance both their time to market and the product performance that they deliver to the marketplace. Your company, Tessera, has built a core engineering competency which enables interconnections that are better, smaller, faster and cheaper than any other company in the world. In 2013, that path has become too costly to travel, and the frontier of technology improvement has moved - from making transistors smaller and smaller, to interconnecting multiple chips into a single package, enabling higher performance. ![]() Historically, many of these problems were solved by semiconductor companies whose innovations made transistors smaller and smaller. "My device is too bulky this battery life stinks it takes too long to download my data I can't see my screen in the sunlight my phone is so heavy in my pocket this notebook is too thick and heavy" - and a thousand more complaints, all waiting to be solved by engineers around the world. Today we all marvel at the performance of the devices we use daily, but not a day goes by that we don't note some dissatisfaction of what the device just won't do. Success in the eco-systems of electronics is dependent upon the ability of engineers to continue to provide features to consumers in electronic products that are better, faster and cheaper than the ones they currently use.įor example, Tessera's IP played a key role in transforming the brick-like mobile phones of the past into the slim, sleek phones you use today. I'd like to give you my view why I feel our Company is better positioned and has more potential value than ever before. This is Tessera's core business, and the Company has built, and continues to build, a series of enabling technologies to capture the growth associated with this fact. This principle is known as "Moore's Law." Although this rate of progress has been achievable in the past by improvements within a single semiconductor chip, going forward it is only achievable by stacking the chips and interconnecting them. In the industry it is well understood that semiconductor technology needs to double in performance every eighteen months, without increasing its cost, in order to keep pace with the demands of the market. That core mission is more valuable today than at any time since the Company's founding. Tessera is a high technology company that was founded to deliver innovative semiconductor solutions that enable the connection and integration of microchips into microelectronic products. Tessera's Stellar Track Record of Innovation In this letter I would like to convince you that the current leadership team at Tessera is executing the right strategy to maximize the return on your investment in Tessera. The newly reconstituted Board of Tessera and Starboard Value LP ("Starboard") offer two distinctly different approaches to the business of monetizing intellectual property ("IP"). ("Tessera" or the "Company") to the value of your investment. I write this letter to impress upon you the importance of your decision in the upcoming Annual Meeting of the Stockholders of Tessera Technologies, Inc. The full text of the May 6 letter follows: We harvest the apples while continuing to nourish the tree." In the Tessera model, our engineers constantly enrich our patent portfolios. "Starboard's strategy can best be analogized to cutting down the apple tree to harvest the apples. Hill, interim CEO and executive chairman of Tessera Technologies, Inc. "It is clear there are two distinctly different strategies to choose from in monetizing IP, Tessera's or Starboard's," said Richard S. The Company provides a detailed rationale why the core elements of its IP strategy will generate a higher value for stockholders versus the flawed plan proposed by dissident stockholder Starboard Value LP ("Starboard"). ![]() ![]() ![]() In the letter, Tessera explains the merits of its intellectual property ("IP") business model. ( NAS: TSRA) ("Tessera" or the "Company") today issued a letter to stockholders in connection with the Company's 2013 Annual Meeting scheduled on May 23, 2013. SAN JOSE, Calif.-( BUSINESS WIRE)- Tessera Technologies, Inc. Open Letter to Stockholders Explains Why Starboard's IP Plan Will Destroy Stockholder Value Tessera Reaffirms the Superiority of Its Intellectual Property Business Model ![]()
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