NEW YORK--(BUSINESS WIRE)--Sandell Asset Management Corp. (“Sandell”), a shareholder of JDS Uniphase Corporation (NASDAQ: JDSU) (“JDSU” or the “Company”), issued the following statement after reviewing the Company’s 8-K filed on January 27 detailing amendments to its Bylaws governing notice provisions for the nomination of Directors.
“We are pleased that the Company has amended its Bylaws in a manner that provides more clarity for the timely nomination of Directors. The Bylaws as amended no longer appear to impinge upon this most fundamental of shareholder rights that relate to the election of Directors nominated by shareholders.
“This clarity is essential in light of the continued refusal by the Company’s Board of Directors (the “Board”) to pursue a more expansive process to unlock shareholder value, and particularly its refusal to pursue a sale of the CCOP business in light of repeated calls from the investment community. Of note is the fact that at least four separate research reports have been published since the beginning of the year highlighting the merits of a sale of the CCOP business to another industry participant yet CEO Thomas Waechter and the rest of the Board have shown no willingness to pursue a sale.
“Given the substantial value inherent in the unique assets of JDSU that is not being reflected in the stock price, further action by the shareholders is increasingly likely. It is therefore encouraging that the Bylaws no longer appear to have a chilling effect on ensuring true Board accountability, as the best mechanism for ensuring accountability is through the democratic process of electing Directors.”
About Sandell Asset Management Corp.
Sandell Asset Management Corp. is a leading private, alternative asset management firm specializing in global corporate event-driven, multi-strategy investing with a strong focus on equity special situations and credit opportunities. Sandell Asset Management Corp. was founded in 1998 by Thomas E. Sandell and has offices in New York and London, including a global staff of investment professionals, traders and infrastructure specialists.