Jana Partners disclosed an activist stake in Qualcomm (QCOMM) today and urged the company to consider spinning off or selling its chipset business.
“In a letter to investors, Jana argued that the company, whose main operation is a patent-licensing business, has suffered from poor stock performance because investors haven’t recognized its long-term potential. Highlighting the true worth of the company, Jana argued, required potentially drastic steps.
“Over the past several months we have been engaged in a constructive dialogue regarding the steps it can take to restore investor confidence and unlock shareholder value,” Barry Rosenstein, the head of Jana, wrote in the letter.” Source
