CBS Completes CNET Tender
Deal Should Close in “Next Few Business Days”
By Mike Farrell -- Multichannel News, 6/26/2008 8:04:00 AM
CBS Corp. said Thursday that it has completed the tender offer for the outstanding shares of CNET Networks and should complete the $1.8 billion acquisition in “the next few business days.”
According to CBS, as of June 25 about 117.9 million CNET shares were validly tendered and accepted for purchase pursuant to the offer. CBS will pay $11.50 per share, net to the seller in cash, without interest and less any required withholding taxes. After payment for the shares, CBS will own, in total, approximately 78% of the outstanding shares of CNET common stock.
CBS first announced the deal in May.
Upon completion of the merger, CNET will become a direct, wholly-owned subsidiary of CBS. Any shares of CNET common stock not tendered will be cancelled and (except for shares held by CBS or its subsidiaries, or shares for which appraisal rights are properly demanded) will be converted into the right to receive the same $11.50 in cash per share, without interest and less any required withholding taxes, that was paid in the tender offer.
Following the merger, CNET common stock will cease to be traded on the NASDAQ Global Market.
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