The New York investment firm that offered to buy RealD earlier this month wrote a letter to RealD’s board on Wednesday expressing displeasure that it had not received a response to the offer.
Starboard Value on Oct. 1 offered to buy RealD for $12 a share, which was roughly a 30 percent premium to the company’s share price that day. RealD issued a statement that day that it “is always open to constructive discussions about opportunities to increase stockholder value.”
But in its letter, Starboard said RealD had “neither provided us with any meaningful feedback, nor shown any willingness to engage with us.” Even Starboard’s request for a phone discussion with the company was ignored, according to the letter.
Starboard owns about 10 percent of RealD shares. The company said its takeover offer was met with positive feedback from other investors who believe the “status quo at RealD is not acceptable.”
RealD reported net income of $5.5 million for its quarter ended June 30, compared with a loss of $1.5 million in the same quarter the previous year. The company reported net losses for its two most recent fiscal years.
RealD shares were down less than one percent to $11.19 in Wednesday trading on the New York Stock Exchange.
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