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Windward Management Issues Letter To NETGEAR Board Advising The Immediate Repurchase Of At Least 25% Of The Shares Outstanding, ~$100M, & the Formation Of A Strategic Review Committee To Examine Splitting Off And/Or Selling The NFB Segment

Current net cash is equal to ~80% of NETGEAR's market cap & recent company-provided 2024 free cash flow guidance implies a de minimis, to potentially negative, enterprise value by year-endWindward believes splitting