Two weeks ago Openwave's second largest shareholder, Harbinger Capital Partners offered to buy an additional 40 million shares in the company, which would have given Harbinger a 62 percent controlling stake. Harbinger planned to then merge Openwave with BridgePort Networks and install BridgePort's CEO Mike Mulica as the chief of the merged entity. However, Openwave's board unanimously rejected the proposal and called it "inadequate and not in the best interests of all Openwave stockholders." The board went on to say that Openwave will continue to remain a stand-alone company unless a "full and fair offer" comes their way.
For more on Openwave's rebuff:
- see this article from RCR News