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Synacor’s dissident shareholders drop campaign to force sale

Synacor’s two main dissident shareholders are breaking up and dropping their efforts to force the company into a sale after losing their bid to elect three of their candidates to the Buffalo Internet content provider’s board of directors earlier this month.

Ratio Capital Management and JEC Capital Partners, which owned a combined 9.8 percent stake in Synacor, said Tuesday they have ended their relationship, which had allowed them to act in partnership as they battled Synacor’s management and pushed them to put the struggling company up for sale, the investors said in a filing with the Securities and Exchange Commission.

The break-up comes eight days after shareholders elected three management-backed candidates to Synacor’s board of directors, with each of the successful nominees receiving at least 57 percent of the vote, according to a separate filing with the Securities and Exchange Commission. A second, management-backed proposal to put in place a poison pill anti-takeover defense plan also passed, with 54 percent of all shares voting in favor.