A group of dissident shareholders reported Thursday that they have dropped a proxy contest against Web site operator CNet Networks Inc., which is being acquired by TV and radio broadcaster CBS Corp. for $1.8 billion.
Led by New York investment fund Jana Partners LLC, the shareholders had criticized the San Francisco-based company's leadership and sought to overthrow its board.
According to Securities and Exchange Commission filings Thursday, Jana and Sandell Asset Management Corp. canceled the proxy contest on Wednesday, citing the likelihood that the proposed acquisition will be completed despite any shareholder action.
The $11.50-per-share tender offer to buy all of CNet's outstanding shares is set to expire at midnight June 20, unless the offer is extended. Last week, CBS cleared some key regulatory hurdles in connection with the proposed takeover.
Jana reported holding 15.6 million shares, representing a 10.2 percent CNet stake. Sandell reported holding 3.5 million shares, or a 2.3 percent stake.
CNet shares were unchanged at $11.48 in morning trading.
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