CBS Gets Anti-Trust Clearance on CNET Deal
This story was written by Rafat Ali.
Not that this was going to be an issue, but the CBS' (NYSE: CBS) buyout of CNET (NSDQ: CNET) Networks is moving along, and more significantly, no other bidders have emerged..under the terms of the deal, another bidder could have come in at a higher price than $11.50 a share and CNET would have considered it. Now, CBS has received anti-trust clearance on the deal. From the company, the technical language on this clearance: "The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its tender offer to purchase all of the outstanding shares of common stock of CNET Networks expired at 11:59 P.M., ET on Monday, June 9, 2008, and that it has obtained clearance for the tender offer from the Federal Cartel Office of Germany."
Meanwhile, the tender offer on CNET shares is scheduled to expire at 12:00 Midnight, ET, on Friday, June 20, 2008, unless the tender offer is extended. More details in release. For full CBS-CNET deal coverage, read our special section.
By Rafat Ali