Battle for CNET board escalates
John Letzing of Marketwatch reports that CNET Networks Inc. is considering an appeal of a court decision permitting a group of investment firms seeking greater control of the tech biz media company to nominate new members of its board.
Letzing wrote, “In a statement, CNet said Thursday that, ‘We are reviewing the Court’s written opinion and are considering an appeal.’
“‘We believe that it is not in the best interests of our stockholders to undertake a costly and disruptive proxy contest initiated by Jana Partners that does not comply with the Company’s by-laws,’ CNet said. ‘Notably, for Jana to secure the election of more than two directors, it would require a super majority vote of 66.67%.’
“Shares of CNet rose more than 3% to close at $7.46 Thursday. The shares were inactive in after-hours trading.”
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