Rovi Provides Statement On Engaged Capital's Intention To Nominate Directors

(RTTNews) - Rovi Corp. (ROVI) issued a statement in response to Engaged Capital, LLC's intention to nominate four candidates to be considered for election to Rovi's Board of Directors at the Company's 2015 Annual Meeting of Stockholders.

Rovi said it is open to constructive input from all of its stockholders and it respects the right of stockholders to nominate directors. As a part of its commitment to good corporate governance, including a strong board, Rovi has been in the process of evaluating a number of qualified new board candidates with the assistance of an independent executive recruiting firm to add further depth of relevant industry experience to its Board. We are currently in the final stages of that process.

Rovi noted that it regularly apprised Engaged Capital of its progress in the Board's independent search process, and agreed to meet with nominees they suggested. As its process has continued, however, Engaged Capital refused to cooperate and denied its requests to interview their recommended nominees that fit its search criteria.

Rovi said it is disappointed that Engaged Capital has chosen not to participate in, and in fact to undermine, the Company's process. Based upon their action today, Engaged Capital, which is reported to own only 0.6% of the Company's shares, is attempting to seize control of the Company without paying stockholders a control premium.