MRV Communications and Value Investors for Change reach agreement

MRV Communications and Value Investors for Change have reached an agreement to resolve the proxy contest related to MRV's 2009 annual meeting of stockholders, scheduled for November 11, 2009.

Under the terms of the agreement, MRV (the company) will expand the size of its board of directors from nine to 10 members, eight of whom will be independent.

The following individuals will be nominated for election at the upcoming annual meeting: six of MRV's nominees, Baruch Fischer, Joan Herman, Michael Keane, Noam Lotan, Shlomo Margalit and Igal Shidlovsky; three of Value Investors for Change's nominees, Charles Gillman, Michael McConnell and Kenneth Stein, and Philippe Tartavull, who was mutually agreed upon by the company and the investors. Following the annual meeting, the board will elect a new independent chairman.

In connection with the terms of the agreement, Value Investors for Change has agreed to terminate its proxy solicitation, withdraw its proposed slate of director nominees, and vote all of its shares in favor of all of the board's director nominees at the 2009 annual meeting.

Noam Lotan, CEO of MRV Communications, said: "We are pleased to have reached this agreement with Value Investors for Change, which we believe is in the best interests of the company and all MRV stockholders. We are confident that their nominees will contribute meaningfully to the board dynamic and provide additional insight and new perspective to MRV."

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon

Related terms: ceo, communications, election