In a strongly worded letter expressing his lack of confidence in the current board, the founder of the company proposed a transaction that would pay public shareholders $27.50 per share representing a 22% premium over its pre-offer price that values the company at about $431.4 million. Among other things, his offer said he intended to engage in discussions with the current board about its strategic direction but reserved the right to initiate a proxy fight to replace directors in the event he is unsatisfied with their response.

The elder Feldenkreis was himself pushed out of the CEO post of the company ... Log in to view full article.