SAN FRANCISCO (Thomson Financial) - Sybase Inc. late Friday said it plans to review the three-director slate nominated by Sandell Asset Management Corp. for election to the board.
The Dublin, Calif.-based software company also noted it has had an 'open dialogue' with Sandell.
Earlier today, Sandell said it planned to nominate three independent directors, and reiterated its call for Sybase to IPO and spin off 100% of its mobility segment, aggressively use its balance sheet to buy back shares, and/or sell the company in whole or in part.
In a statement, Sybase said it regularly assesses its performance, strategic direction and alternatives as part of its commitment to building value for shareholders.
The company hasn't scheduled its 2008 annual meeting of shareholders yet.
Shares of Sybase closed the regular session up 23 cents at $26.11. Katherine Hunt kh/gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.