Tessera Says Egan-Jones Recommends No Majority Control for Starboard

Tessera Technologies, Inc. (NASDAQ: TSRA) ("Tessera" or the "Company") todayannounced that with addition of the report from Egan-Jones Proxy Services(“Egan-Jones”), all of the leading proxy advisory firms includingInstitutional Shareholder Services Inc. (“ISS”), and Glass Lewis & Co., haverecommended that dissident stockholder Starboard Value LP (“Starboard”) doesnot merit control of the Company's Board of Directors (the “Board”).More importantly, ISS and Egan-Jones recommended for the Company's slate ofnominees. In its report dated May 15, 2013, Egan-Jones wrote, “We believe thatsupport for voting the management ballot is merited and that voting themanagement ballot (GOLD PROXY CARD) is in the best interest of the Company andits shareholders.”“Our goal has always been to provide the best Board for Tessera. We arepleased that the leading proxy advisory firms have recognized our efforts, andall have recommended that Starboard does not warrant control of the Board, andthat both ISS and Egan-Jones have recommended that stockholders vote for allsix of our highly qualified nominees. Based upon numerous discussions theBoard and management have had with our stockholders, we have heard theirfeedback and are giving our stockholders what they want – we have provided thebest slate of nominees to lead the Company going forward,” said Richard S.Hill, interim CEO and executive chairman of Tessera Technologies, Inc.“Recognizing that a lengthy proxy fight would only disrupt the progress wehave been making, Tessera has actively sought a settlement with Starboard. Forexample, the Board has made numerous requests to interview and to includecertain Starboard nominees on the Company's slate, and each time, Starboarddenied the Board's request. Our latest proposal of a universal proxy card inwhich stockholders could specifically select the nominees of their choice fromboth the Company's and Starboard's slates was also refused by Starboard. Itappears Starboard is only interested in following its own agenda – an agendathat would include converting Tessera into a ‘patent troll',” Hill added.Tessera's Board nominees are proven business leaders with a diverse range ofcomplementary experience in Intellectual Property (IP) monetization,operations, engineering, finance, high tech and semiconductors, as well asother areas essential to ensure the continued successful execution ofTessera's strategy and to deliver greater value for stockholders:John Chenault, former CFO of Novellus Systems, brings extensive financial,management and operations experience in the semiconductor industry to his roleas a member of our Board.Richard S. Hill, former CEO of Novellus Systems, utilizes his robust expertisein executive leadership, engineering and IP monetization in leading theCompany during this important phase in its strategic plan.John H.F. Miner, former president of Intel Capital, provides his extensiveexperience in the technology industry and growing new businesses, bothorganically and via external initiatives, to guide the Company as it continuesits focus on developing and selling advanced technology.David C. Nagel, Ph.D., former CEO of PalmSource, is our longest standingmember of the board. His industry knowledge, technical expertise, and longexperience in monetizing high-tech IP assets have been a cornerstone of thesuccess of the Company's IP business.Christopher A. Seams, current EVP of sales & marketing at CypressSemiconductor, provides his extensive management, sales and marketing, andengineering experience in the semiconductor industry to his role as a memberof our Board.Timothy J. Stultz, Ph.D., current CEO of Nanometrics, provides 20 years ofexecutive management, and operational and strategic development experience inIP monetization and, technology and capital equipment manufacturing.Tessera urges stockholders to vote the GOLD proxy card FOR Chenault, Hill,Miner, Nagel, Seams and Stultz and simply discard any WHITE proxy card theymay receive from Starboard. Stockholders should be advised that they CANNOTuse Starboard's WHITE proxy card to vote for any of the Company nomineesChenault, Hill, Miner, Nagel, Seams and Stultz. Please use the GOLD proxy cardto support our nominees.If you have questions about how to vote your shares, or need additionalassistance, please contact MacKenzie Partners, Inc., who is assisting theCompany in the solicitation of proxies:MacKenzie Partners, Inc.105 Madison AvenueNew York, New York 10016Stockholders may call toll-free at (800) 322-2885 or call collect at (212)929-5500 with any questions.