Starboard Value Files Preliminary Proxy Materials for the Election of Directors at the 2012 Annual Meeting of Progress Software
Starboard Value LP, one of the largest shareholders of Progress Software Corporation (NASDAQ: PRGS) with current ownership of approximately 5.2% of the outstanding shares, today announced that it filed preliminary proxy materials with the SEC regarding the election of directors to the Progress Board at the 2012 Annual Meeting.
In its preliminary proxy, Starboard reiterated its belief that Progress is deeply undervalued and stated that Starboard's slate of highly qualified nominees possesses the right mix of skill sets to ensure that Progress is taking the necessary steps to enhance shareholder value.
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