VoD hardware and software vendor SeaChange International (Nasdaq: SEAC) has acknowledged that one of its larger shareholders, Ramius LLC wants still more for its money and has written a letter stating that the vendor should address "certain operational and other business issues related to the company's software and servers storage business units."
SeaChange already added two seats to its board of directors to sate an earlier request from Ramius, which owns 6.9 percent of the company's stock. In a company news release, Board Chairman-CEO Bill Styslinger said that the board "will carefully consider the (latest) matters raised by Ramius."
According to a report in Light Reading Cable, Styslinger, himself, may be part of the matters being raised. The publication said that Ramius wants SeaChange to separate Styslinger's functions and assign an independent committee to evaluate the company's financial and strategic objectives. The Ramius letter also urged the board to hire a "nationally recognized investment bank to explore all strategic options."
SeaChange has said it tried to sell its server and storage business but couldn't get a good enough deal.
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SeaChange increases board to satisfy shareholder Ramius