Sunday, March 1, 2009

Ramius sends letter re: Agilsys

In my lazy Sunday-blogging fashion, I'm just going to copy and paste what I saw on this subject on the Business Wire.

NEW YORK, Feb 26, 2009 (BUSINESS WIRE) -- --Urges Shareholders to Elect New, Independent Director Nominees That Have The Experience Necessary To Oversee A Turnaround Of Agilysys.

RCG Starboard Advisors, LLC, together with Ramius LLC and its other affiliates (collectively, the "Ramius Group" or "Ramius"), today announced that it has sent a letter to the shareholders of Agilysys, Inc. ("Agilysys" or the "Company") (NasdaqGS: AGYS) urging shareholders to elect new, independent director nominees at the Company's 2008 Annual Meeting of Shareholders on March 26, 2009. On June 20, 2008, Ramius nominated three highly qualified director candidates, John Mutch, Steve Tepedino, and James Zierick. Ramius, the second largest shareholder of the Company, is the beneficial owner of approximately 13.0% of the Company's outstanding common shares.

Ramius Partner Mark Mitchell stated, "The current Board of Agilysys must be held accountable for its ineffective oversight of a misguided, poorly executed acquisition strategy and extremely weak operating results which have resulted in significant destruction of shareholder value. Management and the Board have had ample opportunity to address the key strategic and operational issues that have affected Agilysys' performance, but have repeatedly failed to do so. Shareholders cannot afford to let the Company continue to make mistakes and destroy shareholder value."

Added Mitchell, "Immediate and substantial change at the Board level is imperative if a turnaround of Agilysys is to succeed. Our independent, knowledgeable, and highly experienced nominees will work diligently to significantly improve the Company's businesses and create substantial value for all shareholders."

No comments: