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Sunday, September 1, 2013
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Microsoft and ValueAct Capital Sign Cooperation Agreement
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Microsoft last week signed a cooperation agreement with ValueAct Capital, a San Francisco-based investment firm with $12 billion in assets under management that beneficially owns approximately 0.8 percent of the outstanding shares of Microsoft common stock and is one of the company?s largest shareholders.
The cooperation agreement provides for regular meetings between Mason Morfit, president of ValueAct Capital, and selected Microsoft directors and management to discuss a range of significant business issues. The agreement also gives ValueAct Capital the option of having Morfit join the Microsoft board of directors beginning at the first quarterly board meeting after the 2013 annual shareholders meeting.
"Our board and management team are committed to enhancing growth and value for Microsoft shareholders, and we look forward to ValueAct Capital?s input," said Steve Ballmer, Microsoft chief executive officer.
"Mason has extensive experience as a public company director, a wealth of financial knowledge and the perspective of a major shareholder. We have enjoyed getting to know Mason over the past few months and are looking forward to working with him," said John Thompson, lead independent director and chair of Microsoft?s Governance and Nominating Committee.
The agreement between Microsoft and ValueAct Capital will be included as an exhibit to the Form 8-K filed with the Securities and Exchange Commission. |
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