CNET Networks Comments on Delaware Chancery Court Ruling
March 13 2008 - 5:13PM
Business Wire
CNET Networks, Inc. (Nasdaq:CNET) today issued the following
statement regarding the Delaware Court of Chancery ruling on a
motion brought by a group led by hedge fund JANA Partners, LLC to
nominate directors and to amend the Company�s by-laws: We are
reviewing the Court's written opinion and are considering an
appeal. We are defending the litigation brought by JANA Partners
because 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 in place since the Company's initial public offering. We
also do not believe that it is in the best interests of our
stockholders for JANA Partners to seek to secure control of the
Company without providing any premium. � If JANA Partners is
ultimately permitted to submit its proposals for consideration at
the Company's annual meeting this summer, we would look forward to
continuing to discuss the Company's plans to focus on driving
long-term growth and realizing the full potential of CNET Networks'
brands for the benefit of all stockholders. Notably, for JANA to
secure the election of more than two directors, it would require a
super majority vote of 66.67%. The CNET Networks' board and
management team will continue to act in the best interests of the
Company and all stockholders. About CNET Networks, Inc. CNET
Networks, Inc. (Nasdaq:CNET) is an interactive media Company that
builds brands for people and the things they are passionate about,
such as gaming, music, entertainment, technology, business, food,
and parenting. The Company's leading brands include BNET, CHOW,
CNET, GameSpot, and TV.com. Founded in 1992, CNET Networks has a
strong presence in the US, Asia, and Europe. IMPORTANT INFORMATION
/ SOLICITATION PARTICIPANTS LEGEND CNET Networks and its directors
and executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of CNET Networks in
connection with the upcoming annual meeting of stockholders.
Information regarding the special interests of these directors and
executive officers in connection with the matters to be voted on at
the annual meeting will be included in the proxy statement filed by
CNET Networks in connection with the annual meeting. In addition,
CNET Networks files annual, quarterly and special reports, proxy
and information statements, and other information with the
Securities and Exchange Commission (the �SEC�). These documents are
available free of charge at the SEC�s web site at www.sec.gov or
from CNET Networks at www.cnetnetworks.com. STOCKHOLDERS ARE URGED
TO READ THE PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT
WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD
CONSIDER BEFORE MAKING ANY VOTING OR INVESTMENT DECISION.
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Aug 2024 to Sep 2024
ZW Data Action Technolog... (NASDAQ:CNET)
Historical Stock Chart
From Sep 2023 to Sep 2024