NEW YORK, Feb. 6, 2020 /PRNewswire/ -- Acacia Research
Corporation (NASDAQ: ACTG) ("Acacia" or the "Company") today
announced that the two leading independent proxy advisory firms
-- Institutional Shareholder Services Inc. ("ISS")
and Glass Lewis & Co. ("Glass Lewis") -- have
recommended that stockholders vote "FOR" all proposals
related to a strategic partnership (the "Transaction") with
Starboard Value LP ("Starboard"), including the proposal to approve
the voting and issuance of securities in connection with the
Transaction without giving effect to any limitations under the
rules of the Nasdaq Stock Market LLC, as well as an amendment
to Acacia's Certificate of Incorporation to increase the
number of authorized shares of common stock from 100 million
to 300 million, each as set forth in the definitive proxy statement
filed with the Securities and Exchange Commission on January 17, 2020 (the "Proxy Statement").
The proposals will be considered at a special meeting of
stockholders scheduled for February 14,
2020 (the "Special Meeting").
Both ISS & Glass Lewis are the leading independent proxy
advisory firms in the United
States and their recommendations are generally relied upon
by institutional investors and other fiduciaries throughout
the United States.
In their reports published on January
30th, both firms expressed support for the strategic
rationale of the Transaction and the benefits of Starboard's
expertise to Acacia.
ISS stated:
"The rationale appears sound as
the company will gain additional capital and access to Starboard's
expertise, in exchange for up to 29 percent of the company at
$3.65 per share, a 23.7 percent
premium to the unaffected date closing price."*
Glass Lewis concluded,
"Following a tumultuous period
in Acacia's history, during which its stock price has declined by
80% over the last five years while the Nasdaq Composite Index
doubled over that same period, we believe the strategic and
financial partnership with Starboard in the wake of significant
changes in Acacia's management team, board composition and
strategic direction represents a positive development for the
Company and its shareholders."*
Acacia stockholders who need assistance in completing the
proxy card, need additional copies of the proxy materials, or have
questions regarding the Special Meeting may
contact Acacia's proxy solicitor:
Saratoga Proxy Consulting LLC
(888)
368-0379 (toll-free)
(212) 257-1311 (collect)
Email: info@saratogaproxy.com
Acacia's Board of Directors recommends that stockholders
approve all of the proposals described in the Proxy Statement at
the Special Meeting.
*permission to use quotations from the ISS & Glass Lewis
report was neither sought nor obtained.
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SOURCE Acacia Research Corporation