« Go Go Cisco | Main | Top 10 Software Stocks of 2006 »
January 10, 2007
Investor Revolt At Cypress Semi
Chapman Capital, which claims to own 1.5M shares or just over 1% of Cypress Semiconductor (NYSE: CY), sent a letter to the board recommending steps the company should take to reorganize. Its biggest case is that Cypress should split-off its controlling stake in SunPower (Nasdaq: SPWR). Some days have passed since the letter arrived on CEO TJ Rogers desk. Given what we know about the man, we suspect he will not do anything. Had Chapman revolted in a less public way - perhaps it did at first - Rogers might have seen things their way but he is not the kind of guy who will be seen as having been cowed.
Chapman takes a bite out of Rogers hide that must sting: "Cypress now trades at virtually the same valuation as the day Morgan Stanley took the company public some 20 years ago."
Posted by Paul at January 10, 2007 07:47 PM
Trackback Pings
TrackBack URL for this entry:
http://www.thealarmclock.com/mt/mt-tb.cgi/2795