More CNET: Another Private Equity Firm Came Close To Taking Minority Stake
In another filing late Friday by CNET (NSDQ: CNET) Networks (separate from this one), some more details emerge on its acquisition negotiations with CBS Corp (NYSE: CBS). Though no other potential serious buyer was in the picture while the CBS-CNET negotiations were going on, an unnamed private investment firm was in talks with CNET for a minority stake. From the filing:
“On January 31, 2008, a representative of a private investment firm contacted Mr. Ashe regarding a potential minority investment in the Company. The Company entered into a confidentiality agreement with the private investment firm to enable the Company to provide information to the firm. Between January 31, 2008 and April 7, 2008, representatives of the Company and the private investment firm discussed a potential transaction. After a discussion among the Company Board, members of the Company’s management and Morgan Stanley regarding the potential transaction with the private investment firm, the Company Board did not view such a transaction as in the best interests of the Company’s stockholders based on the proposed terms and discussions were terminated.”
Wondering who this firm was…Any ideas? If you know, send us a tip using the anonymous tip box in the left hand column…
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, CBS, CNET
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