Napster to Holders: Ignore Dissidents, Re-Elect Board; Says It Has Hired UBS to Consider Strategic Alternatives
This morning, Napster (NAPS) mailed a letter to shareholders advising them not to vote for three dissident investors–Perry H. Rod, Thomas Sailors and Kavan P. Singh–who are seeking seats on the company’s board, and to instead back the three incumbents seeking to keep their seats. Not a big surprise; did you think the board was going to say otherwise?
Still, the venom Napster spews in the direction of the dissident group is quite impressive. Napster notes that the dissidents have never served on a corporate board before, “meaning they would require on-the-job training.” They also note that their work experiences “are irrelevant to a company in the highly competitive digital music business.”