CNET’s Proxy Fight Update: Court Upholds Jana’s Right To Nominate Board

CNET (NSDQ: CNET) Networks, whose proxy fight with the consortium led by Jana Partners has been quiet for the last few weeks, is now in overdrive again: the Supreme Court of Delaware has affirmed the Delaware Court of Chancery’s decision on Jana’s rights to nominate directors and propose other business at CNET’s next annual meeting. Jana is seeking to appoint two of its own board members replacing two who are up for re-election at the upcoming annual meeting…it is also seeking to expand the board by another five members. More details in the release here.

The chancery court handed a decision in Jana’s favor earlier in March, which CNET had appealed with the state’s apex court. With this new ruling, now begins the more interesting phase in CNET’s increasingly murky future…

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