Brief: Unwired Planet to divest patent business
06/04/2016 21:05
April 6 (Reuters) - Unwired Planet Inc UPIP.O : * To divest patent business * Says Unwired Planet will receive $30 million in cash at the closing of the transactions * Says definitive agreement to divest Unwired Planet llc, its intellectual property licensing business * Says will receive up to an additional $10 million in cash on the second anniversary of the closing of the transactions * Agreement provides for termination by co following payment of a $2.0 million fee to optis up if Unwired Planet accepts a superior offer * Unwired Planet expects teksler will step down as chief executive officer * Says teksler will continue to serve as member of the board of directors * Source text for Eikon ID:nBw2JyFQHa * Further company coverage UPIP.O ((Bengaluru Newsroom; +1 646 223 8780))