Aug 29 Activist investor Carl Icahn said he had
raised his stake in speech recognition software maker Nuance
Communications Inc to 16.9 percent and that he may
discuss the possibility of adding his nominees to the company's
Icahn had reported a stake of 16.03 percent earlier this
Nuance shares were up 2 percent in extended trading after
closing at $18.31 on the Nasdaq on Thursday.
Icahn said he had acquired the shares "in the belief that
they were undervalued." ()
Apple Inc uses Nuance's speech recognition
technology in its iPhone devices as part of its "Siri" voice
Following Icahn's announcement of a 16.03 percent stake
earlier this month, Nuance adopted a stockholder rights plan to
reduce the chances of any investor gaining control "through open
market accumulation or other coercive takeover tactics without
paying an appropriate control premium".
The provisions would come into effect if a person or group
acquires 20 percent or more of Nuance's shares in a transaction
not approved by its board.
The company was not immediately available for comment on
Nuance cut its full-year forecast earlier this month as some
of its mobile customers had delayed contracts.
Icahn, who is known for taking large positions in companies
and pushing for management change, revealed on April 1 that he
had taken a 9.27 percent stake in Nuance.