Ramius sells shares, drops stake in Phoenix Technologies to 8.2%

By Lisa Kerner

Charlotte, N.C., May 29 - Affiliates of Ramius Capital Group, LLC sold 635,685 shares of Phoenix Technologies Ltd. between April 29 and May 29, reducing their ownership interest to 8.2% from 10.8%.

The shares were priced from $10.33 to $12.17 each, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

According to a prior SEC filing, Ramius-led investors sold 318,979 shares of Phoenix Technologies between April 17 and April 28 priced from $12.23 to $15.21 per share.

The investors beneficially own 2,243,077 shares of the Milpitas, Calif., computer software company.

It was previously reported that Ramius offered to acquire Phoenix Technologies for $5.25 cash per share in January, up from its earlier offer of $5.05 per share.

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