Jana Partners Seeking to Take Over Cnet’s Board
Published by Frank January 8th, 2008 in Uncategorized.Venture capital firms, like Arthur Trueger and BerkeleyVC, aren’t always looking to invest in start up companies; sometimes they invest in the take over of established companies. This is the case with Jana attempting to take over Cnet’s board with the help of a VC company.
Hedge fund Jana Partners LLC of San Francisco and New York said Monday it plans to collaborate with other investors to take over the board of San Francisco-based Cnet in the hope of making the company more profitable.
Sandell Asset Management Corp., the venture capital firm Spark Capital and Paul Gardi of Alex Interactive Media are working with Jana in the takeover attempt. Jana holds 8 percent of Cnet’s stock and claims another 8 percent of “nonvoting economic interest.” Sandell claims 5 percent of “nonvoting economic interest” in Cnet.
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