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  "documentTitle": "Tessera Technologies Inc. (TSRA)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-04-30 00:00:00",
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  "notes": "Uses a contrast-principle framework to position the activist's plan against management's.",
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      "text": "Starboard has been pressing for these changes for over a year. It is only under the pressure of this election contest that the company has begun to adopt elements of our plan.",
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      "text": "Highlights of our strategic plan, which is outlined in greater detail in these materials, include the following: Refocus on becoming a successful technology licensing company with a disciplined cost structure and best-in-class margins. Realize the full licensing value of Tessera's current patent portfolios. Evaluate partnerships for DOC, while retaining intellectual property and beginning a licensing effort to realize revenues from this valuable portfolio. Explore industry partnerships and small tuck-in acquisitions to expand on Tessera's core intellectual property assets in order to grow revenue and extend the life of the portfolio. Significantly reduce costs across all functional areas of the Company. Return excess capital to shareholders.",
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      "text": "Together with our nominees and IP Navigation Group, we have researched and begun development of a strategic plan that we believe will stabilize, improve, and drive significant long-term shareholder value creation.",
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      "text": "Our world-class slate of nominees has the right experience and skill sets to execute on a strategic plan to reinvigorate license activities and generate new revenue sources, while lowering costs and returning capital to shareholders.",
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      "text": "Management on the other hand, has presented only a high-level plan that lacks any near-term or medium-term financial performance commitments, involves continued heavy spending on R&D, SG&A and corporate overhead, and appears just to be a moderately revised version of prior management's plan.",
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      "text": "Our Nominees Have a Superior Strategic Plan to Restore and Enhance Value at Tessera",
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