March 30 (Reuters) - Raging Capital Management Llc
* Raging capital announces support for ambac's board and management
* "fully supports ambac board's recommended slate of directors up for election at upcoming annual meeting"
* "hopes that canyon capital will terminate their unnecessary proxy contest and will support newly constituted board"
* Beneficial owner of approximately 1.1 million shares, or 2.4% of shares outstanding, of ambac financial group Source text for Eikon: (Bengaluru Newsroom: +1 646 223 8780)