Lennar, Citing Weak Housing Market, Expects A Quarterly Loss MIAMI, Jan. 2 (AP) ? The Lennar Corporation, one of the nation’s largest home builders, said on Tuesday that it expected a fourth-quarter loss as the company re-evaluated how much its inventory was wo... Read Full Article World Briefing | Africa: Ghana: 4 Killed In Clan Succession Dispute A clash between rival clans in Ghana over the planned crowning of a new traditional chief has killed four people, the government said.... Read Full Article Latin Lover Seems To Be An Eligible Prospect The Brazilian suitor to what was once British Steel is itself a former state company that has thrived since going private....... Read Full Article World Briefing | Asia: North Korea: Kim To Visit Hanoi North Korea’s leader, Kim Jong-il, has accepted an invitation to visit Hanoi from the Vietnamese leader, Nong Duc Manh.... Read Full Article E-Commerce Report: Millions Of Addresses And Thousands Of Sites, All Leading To One What Internet business has raised $120 million in financing in the last year and owns 725,000 Web sites?... Read Full Article |
Activists Can Nominate CNet Board, Judge SaysA court in Delaware ruled Thursday that a group of activist investors can nominate seven directors to the board of CNet Networks, one of the original online media companies. The ruling by William B. Chandler III of Delaware’s Court of Chancery — in which he describes the fight as “a tempest in a teapot” — opens the door for the investors, led by the hedge fund Jana Partners, to try to take over CNet’s board. “We hope that the company will now put aside their efforts to thwart this debate with technicalities and instead engage stockholders in a dialogue about the company’s future,” Barry Rosenstein, Jana’s managing partner, said in a statement. Shares in CNet rose 26 cents, to $7.46. The chancellor’s ruling is the latest development in a fight over CNet, whose shares have fallen 9.6 percent over the last year as it continues to be outmaneuvered by competitors. Jana announced in January that it was nominating seven directors to the company’s board, which would replace two directors up for re-election and add five more. CNet had argued that, according to its bylaws, no shareholder can propose amending those rules unless it has owned $1,000 worth of shares in the company for at least one year. No investor in Jana’s group has owned shares that long, but the hedge fund argued that the rule applied only if it sought to include its proposal in CNet’s proxy solicitation materials. Jana said it would publish its own proxy solicitations and that the bylaw did not apply. Chancellor Chandler ruled in its favor. Jana, an $8 billion fund, is known for its shareholder activism, having taken on companies like TD Ameritrade and Alcoa. In its fight against CNet, it has enlisted other investors like Sandell Asset Management, another hedge fund, and Spark Capital, a venture capital firm. Jana currently hold almost 11 percent of CNet’s shares, according to regulatory filings. Sandell owns 2.3 percent and Spark about 1.7 percent. CNet said in a statement that it was considering an appeal. CNet also said that the ruling, if upheld, did not remove other obstacles for Jana and its allies. The company pointed to a provision in its bylaws requiring a supermajority vote of about 67 percent to seat more than two directors. Tag CloudExternal InformationAdditional InformationState of the Art: Brilliant Ideas That Found a Welcome...Bank’s interest rate reductions just won’t cut it this time... Finally, Telstra’s rivals deliver on fibre-to-the-node plan... What’s Online: At Last, Buffett’s Key to Success... Where Am I?News Main Page - Business - Activists Can Nominate CNet Board, Judge Says |
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