CNet May Appeal Court Ruling
March 14, 2008
In a statement released by CNet Networks Inc. last Thursday, the company is considering appealing a court ruling which has meant that a new board will be nominated for the company by a group of activists investors.
The activist group is comprised of Jana Partners LLC and Spark Capital.
In the statement, CNet - which is an online media company - said that they are reviewing the decision and will consider an appeal as they do not think that it would be in the best interest of the company and shareholders, for a proxy battle - which would be highly disruptive and costly - to take place at this stage. The ruling also does not comply with the by-laws of the company.