Holder Legatum Sends Letter To Sonus Networks >SONS
DOW JONES NEWSWIRES
June 23, 2008 2:42 p.m.
DOW JONES NEWSWIRES
Legatum Global Holdings Ltd., the largest shareholder of Sonus Networks Inc. (SONS), sent another letter to Sonus Monday, rebuking the company's recent statement that accused Legatum of violating a federal law and questioned the complex structure of Legatum.
Legatum said that Sonus's June 20 letter was trying to "obscure matters by raising counterfeit issues about the company's largest shareholder."
Sonus, a Westford, Mass., maker of telecommunications equipment has been locked in a public spat with Legatum, a Dubai-based investment fund that owns 25% of Sonus.
Legatum withheld votes for Sonus's nominees after the company rebuffed its request to add two officers to Sonus's seven-member board and make various changes to its corporate governance.
In its Monday letter, Legatum said it is "not going away any time soon" and it will continue to take all actions available to "help move the company in the direction that will increase transparency, board accountability and best serve the interests of all shareholders."
In a statement released Sunday, Sonus said it is in "collaborative" talks with Legatum and it is "hopeful" that an understanding can be reached with Legatum.
-By Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com |
