Relational Investors reduces its National Semiconductor holdings

Continuing to unwind its position in National Semiconductor, activist fund Relational Investors has disclosed that it sold 1.972M shares in December. They continue to hold 20.6M shares (8.61% of the outstanding) at a basis of $16.29 (today's close $13.89). The saga of Relational and National began in 2003 with an aggressive stock accumulation followed by threats to nominate individuals to the Board of Directors.

The most recent amended SEC 13D filing notes, "Reporting Persons intend to closely monitor the Company’s performance and may modify their plans. In addition, the Reporting Persons and their representatives and advisers may communicate with other stockholders, industry participants and other interested parties concerning the Company. Reporting Persons do not have any plans other than the monitoring and communication program outlined in the previous paragraph, the Reporting Persons may exercise any and all of their respective rights as stockholders of the Company in a manner consistent with their equity interests, including seeking representation on the Company’s board of directors at a special or annual meeting of the Company’s stockholders."


Update from a January 19th 13D filing: Relational Investors continue to sell and now hold 17,725,300 shares (7.35% of the outstanding).