CNet swallows poison pill

Tech publisher CNet Networks Inc. is digging into the sand hoping to deter a hostile takeover.

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CNet announced that it has adopted a poison pill in an attempt to stop a hostile takeover by an investment group led by New York-based Jana Partners LLC, which owns a 10.6% stake in the San Francisco company. Jana managing partner Barry Rosenstein launched a rebuttal, saying the move is an "outdated and unpopular entrenchment mechanism." The posion pill stipulates that if 15% of CNet were to be acquired, there would be a big sale on CNet's stock, triggering a flood of new shares, diluting the acquirer's stake in the company and reducing the value of the business. - Gerald Magpily

See CNet SEC filing
See CNet article
See TheDeal.com: CNet faces coordinated attack

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