Murdoch faces fight for MySpace
Rival bid from shareholder
Rupert Murdoch has a fight on his hands to get control of InterMix - the company behind blog host MySpace - after Murdoch's NewsCorp offered $580m or $12 a share to buy it in July.
Brad Greenspan, founder and former boss of Intermix, has launched a rival bid for his old firm. He owns ten per cent of the company already and is offering shareholders $13.50 a share. He has launched a pseudo-grassroots campaign website, complete with video, at www.FreeMySpace.com.
The bidders are asking for the shareholders meeting to be delayed so investors can evaluate the offer.
Greenspan has an appetite for controversy. After leaving InterMix he accused various senior managers and shareholders of insider dealing. He accuses them of selling $25m of stock knowing that the firm was about to face action from the New York Attorney General. More details here. ®