Today, Legion Partners Asset Management, LLC (“Legion Partners”), a 2.2% beneficial, long-term stockholder of Vonage Holdings Corp. (NASDAQ: VG), issued the following statement regarding the news that Ericsson (NASDAQ: ERIC) will purchase Vonage for $6.2 billion in cash, or $21 per share.
Chris Kiper, Co-Founder and Chief Investment Officer of Legion Partners, stated:
“Legion Partners strongly supports Vonage’s decision to enter into this transaction, which we believe is an excellent outcome for all shareholders. We are pleased that our five-year collaboration with Vonage helped lay the groundwork for this important strategic transaction to unlock shareholder value, and commend the outstanding work done by CEO Rory Read and the entire Vonage Board for their continuous engagement and responsiveness to shareholder input over the years.”
As previously announced, Legion Partners entered into a Cooperation Agreement with Vonage in March 2019, pursuant to which Michael McConnell was appointed to the Vonage Board where he continues to serve as an independent director. Mr. McConnell serves as a member of the Nominating and Governance Committee, Audit Committee, and Transactions Committee (formed in February 2021).
About Legion Partners
Legion Partners is a value-oriented investment manager based in Los Angeles, with a satellite office in Sacramento, California. Legion Partners seeks to invest in high-quality businesses that are temporarily trading at a discount, utilizing deep fundamental research and long-term shareholder engagement. Legion Partners manages a concentrated portfolio of North American small-cap equities on behalf of some of the world’s largest institutional and high-net-worth investors. Learn more at www.LegionPartners.com.