A deal is a deal right? Well, three of Occam Networks' shareholders that collectively hold a 19 percent stake in the last mile company believe they are being shortchanged by their acquirer Calix.
The shareholder trio, which includes Michael Steinhardt, Herbert Chen, and Derek Sheeler, said in a letter to Occam Networks' chairman Steven Krausz they don't understand why they are selling the company "just as revenues are beginning to ramp."
"We believe that the board of directors of Occam has acted, once again, with reckless and wanton disregard for its shareholders, and we hereby demand that the board move immediately to open up the sales process by auctioning the company to the highest bidder," wrote the three shareholders in the letter.
Occam's shareholders aren't the only one that think they're getting a raw deal. The letter cites Jeff Heynen, Directing Analyst of Broadband and Video at Infonetics Research, who said "it was a great value for Calix, and maybe Occam sold themselves a bit short."
For more:
- see the letter here
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