CNET Will Appeal Court Ruling On Jana

This story was written by Joseph Weisenthal.
As it hinted last week, CNET (NSDQ: CNET) says it will appeal the Delaware Chancery Court ruling allowing Jana Partners to nominate a slate of board candidates. Since the ruling came down last Thursday, the two sides have engaged in a back-and-forth war of words, with Jana, just this morning, imploring CNET not to appeal, on the grounds that such a move would not be in the interest of shareholders. It also suggested that the court ruling was unambiguous, such that an appeal would be futile. In its announcement, CNET basically says the same thing that it said before, that it still believes its bylaws forbid Jana's move and that a proxy war is not in the interest of shareholders. Release.

By Joseph Weisenthal


Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App