We’re pleased to announce our offer for CNET.
A few months ago, we floated this concept as a hot idea for a bored private-equity firm, but since no one has yet taken us up on this suggestion, we’re just going to do it ourselves. We’ll detail our CNET restructuring and value-creation plan in the coming weeks. In the meantime, we’ll just say that it involves the sale of some CNET businesses, some management changes, some acquisitions, and, yes, some expense reductions. We’ll extend our offer now, as a way of getting the dialog going.
Here are the details:
To save ourselves the hassle of going out and organising complex financing, we’re first going to propose a simpler deal structure*. We’ll agree to let CNET acquire us for a de minimus amount, say $50 million of stock, and once the deal is complete, we’ll take over the executive suites. We’ll implement our plan quickly, with the aim of significantly boosting the company’s value.
Sound fair? We think so. We look forward to sharing our full plan with you in the next few weeks. In the meantime, thank you for your attention, and we look forward to chatting with CNET!
*We originally referred to this proposed transaction as a “reverse merger.” We have been advised that, in some circles, this term has a very specific definition that would not apply in this case. Thus, we have stricken the term from our offer.
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