Filed under: Deals, Engagements

Online media company CNet Networks Inc. (NASDAQ: CNET) said late Thursday it may appeal to a court ruling that allows a group of investors to nominate seven directors to its board.

The Delaware Court of Chancery ruled earlier Thursday that hedge fund Jana Partners LLC, which is leading a group trying to wrest control of CNet’s board, could nominate directors without violating the company’s corporate bylaws.

Jana is taking on CNet with investment funds Sandell Asset Management Corp. and Velocity Interactive Group, venture capital firm Spark Capital and technology entrepreneur Paul Gardi of Alex Interactive Media.
CNet said in January that the group’s efforts to nominate two directors to board seats and then expand the board by five members to 13 from 8 were improper under its bylaws.

Continue reading at TechConfidential.com.

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This entry was posted on Monday, March 31st, 2008 at 5:10 am and is filed under Engagements and Deals News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.