Cadian Capital Management Announces Its Support for the Merger of
Comverse Technology Into Verint Systems
NEW YORK, Jan. 31, 2013 /PRNewswire/ -- Cadian Capital
Management, LLC (together with its affiliates, "Cadian Capital"),
today announced that it intends to vote the shares of common stock
that it owns in Comverse Technology, Inc. (NASDAQ: CMVT) ("CTI")
and Verint Systems Inc. (NASDAQ:VRNT) ("Verint") in favor of
the merger of CTI with and into a wholly-owned subsidiary ("Merger
Sub") of Verint, with Merger Sub surviving as a wholly-owned
subsidiary of Verint, at the upcoming special meeting of
shareholders of CTI and special meeting of stockholders of Verint,
each scheduled for February 4,
2013. Cadian Capital believes the terms of the merger are
fair and reasonable to and in the best interests of both CTI
shareholders and Verint stockholders.
On May 30, 2012, Cadian Capital
entered into a letter agreement with CTI, in which the parties
agreed, among other things, to take various actions with respect to
the composition of the Board of Directors of Verint, the Board of
Directors of Comverse, Inc., a wholly owned subsidiary of CTI, and
the Board of Directors of CTI, and Cadian Capital agreed, among
other things, to vote all securities of CTI and Verint over which
it has beneficial ownership and publicly announce its intention to
vote in favor of a merger between CTI and Verint if the proposed
terms and conditions of which, in the reasonable business judgment
of Cadian Capital acting in good faith, are fair and reasonable to,
and in the best interests of, both CTI shareholders and Verint
stockholders.
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