Sandell Asset Management Corp. ("Sandell") announced that it has notified Sybase, Inc. (the "Company") of its intention to nominate three highly qualified independent candidates for election to the board of directors at the 2008 annual meeting of stockholders. This action follows the letter and presentation sent to the Company on October 12th, 2007 that detailed specific actions Sandell believed the Company should take to improve value for all shareholders.
Specifically, Sandell requested that the Company's management and board of directors immediately take one or more of the following actions:
1. IPO and spin-off 100% of Mobility segment
2. Aggressive use of the balance sheet to repurchase shares
3. Sale of the Company in whole or in part
Since that time, Sandall belives that the Company has taken no discernable action on any of these initiatives, nor has it taken any of its own actions to improve value. Sandell continues to believe that the actions detailed in its letter and presentation would materially improve the Company's valuation to the benefit of all shareholders. Sandell and its affiliates currently intend to conduct a proxy solicitation seeking to elect this minority slate to the board.