ProgressSoftware Corp. (PRGS) said it is in receipt of a letter from Starboard Value and Opportunity Master Fund Ltd. notifying the company that Starboard is withdrawing its slate of nominees for election to Progress' Board of Directors at the upcoming 2012 Annual Meeting of Shareholders.
Commenting on the withdrawal of Starboard nominees, the company, said,
"Starboard's withdrawal of its nominees demonstrates its support of our strategic plan and confidence in our Board to help oversee its execution. We appreciate the positive and constructive feedback and valuable insights we received from Starboard and our other shareholders. We look forward to focusing exclusively on executing our plan to drive growth and enhance our operating margins for the benefit of all Progress shareholders."
As a result of Starboard's withdrawal of its candidates, any shareholders who previously voted the White Starboard proxy are urged to vote the ProgressSoftware's GOLD card to ensure their shares are cast for the Progress director candidates as well as all other proposals to be considered at the Annual Meeting. Progress Software's 2012 Annual Meeting of Shareholders will be held on May 31, 2012.
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