Ramius continues to sell off shares of Phoenix Technologies

By Lisa Kerner

Charlotte, N.C., June 4 - Affiliates of Ramius Capital Group, LLC sold 362,003 shares of Phoenix Technologies Ltd. between May 30 and June 4, reducing their ownership interest to 6.6% from 8.2%.

The shares were priced from $10.11 to $10.82 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 635,685 shares of Phoenix Technologies between April 29 and May 29 priced from $10.33 to $12.17 each.

The investors beneficially own 1,804,851 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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