TV and radio broadcaster CBS Corp. said Tuesday it has cleared a handful of regulatory hurdles in connection to its proposed acquisition of Web site operator CNet Networks Inc.
CBS said the regulatory review period under the Hart-Scott-Rodino Antitrust Improvements Act has expired without objection, and that it has obtained clearance from the Federal Cartel Office of Germany.
The tender offer to buy all of CNet's outstanding shares for $11.50 per share is set to expire at midnight EST on June 20, unless the offer is extended.
The offer follows an acquisition agreement signed by CNet, CBS and CBS subsidiary Ten Acquisition Corp. on May 15.
San Francisco-based CNet provides technology, food and entertainment information through its CNet.com Web site and other consumer information sites.
CBS shares rose 17 cents to $21.18 in afternoon trading. CNet shares added 2 cents to $11.45.
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