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