Ex-CEO Blasts Intermix-Fox Interactive Deal

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Intermix (well, its previous incarnation eUniverse) founder Brad Greenspan continues to blast News Corp.’s planned acquisition of the company, saying the deal undervalued the parent of MySpace.com by as much at $362.5 million… the total deal was about $580 million, about $12 a share. He says in an auction it could have been as much as $19.50 per share, suggesting a price of $942.5 million.

Greenspan, who owns 10 percent of Intermix, accuses the company of striking a sweetheart deal with News Corp. An auction process would have led to a bidding war among media companies and maximized stockholder value, he said.

Intermix fired back with an email to Red Herring that said it continued to be “perplexed” by Greenspan’s actions. Of course, Greenspan led the company into a bunch of trouble with SEC, which forced it to get delisted and had to change its name etc.

Intermix’s largest stockholder, VantagePoint Venture Partners, which owns 22.4 percent of the company, has already agreed to vote in favor of the transaction. A class-action suit echoing Greenspan was filed earlier this month.

TheDeal: Greenspan has launched a website, IntermixedUp.com, to argue his case…A proxy statement providing details of the transaction indicates Intermix met with three companies that were interested in acquiring the business in May, but only at a slight premium to where its stock was trading at the time.

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