| CES 2008: Investors in Bid to Takeover CNET
Coming out of CES 2008 in Las Vegas, Nevada, is news reported by the NY Times that CNET Networks, parent company of GameSpot, may be subject to a takeover.
A consortium of investment funds has taken a 21% share of CNET and is looking to boot the company's directors and replace members of its board with their own. The plan will face some hurdles, although. CNET Networks maintains defensive provisions that stipulate that no shareholder can amend the bylaws unless they have had $1000 in shares of the company for at least one year. No one in the consortium has held shares in that amount for a year or more.
It's unclear how this situation will pan out, but what is clear is that CNET has no plans to give in easily.
For the full story, click here.
Permalink |
CES 2008: Investors in Bid to Takeover CNET
Coming out of CES 2008 in Las Vegas, Nevada, is news reported by the NY Times that CNET Networks, parent company of GameSpot, may be subject to a takeover.
A consortium of investment funds has taken a 21% share of CNET and is looking to boot the company's directors and replace members of its board with their own. The plan will face some hurdles, although. CNET Networks maintains defensive provisions that stipulate that no shareholder can amend the bylaws unless they have had $1000 in shares of the company for at least one year. No one in the consortium has held shares in that amount for a year or more.
It's unclear how this situation will pan out, but what is clear is that CNET has no plans to give in easily.
For the full story, click here.
Permalink