Jana Junks CNET Board Seat Offer

Apr 1 2008 | 12:43pm ET

Activist hedge fund Jana Partners will continue its bid to take control of CNET Networks, rejecting an offer of one seat on the Internet media company’s board of directors.

Jana, which owns 10% of CNET, said one seat on the eight-person board “would not bring about the necessary level of change at CNET.” The hedge fund said that “fundamental strategic and operational change” is required at the San Francisco-based company.

Jana and fellow activist hedge fund Sandell Asset Management—which owns 2.3% of CNET—have nominated two candidates to replace a pair of existing director, and five others to fill new seats. If successful, Jana’s candidates would occupy eight seats on the newly expanded 13-member board.

“We have proposed new directors with extensive industry experience and expertise who would pursue maximum value for all shareholders,” Jana said.

CNET is battling Jana’s takeover bid in court, appealing a decision last month allowing Jana’s effort to go forward.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of