CNET Networks has adopted a stockholders rights plan designed to fend off unwanted takeover advances from an angry shareholder.
Under the plan, one preferred stock purchase right will be distributed as a dividend on each each common share held of record as of Jan. 21.
The news comes on the heels of an ugly power struggle with Jana Partners, a San Francisco-based hedge fund.
On Jan. 7, Jana said it planned to use its non-voting interest, as well as the interest of partner Sandell Asset Management, to appoint handpicked execs to the
CNET board. Jana proposed CNET expand its board to 13 members, up from 8, so that it can take majority control with 7 directors.
CNET responded that such a move would be inappropriate.
Photo: Flickr/welovethedark
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