Feeds

Intermix sticks with Murdoch

Rival bid kicked into touch

Boost IT visibility and business value

Intermix, the company behind MySpace, has rejected a rival offer from ex-CEO Brad Greenspan.

The board of directors agreed unanimously to reject his offer and stick with Murdoch's offer. The board said Greenspan's offer was unlikely to be superior to that from NewsCorp.

Reasons for the rejection include: Greenspan's offer was for only one half of the common stock. He would need to raise about $300m to fund the takeover but has no credible funding sources. Grrenspan offered £13.50 a share, more than Murdoch, but for only half the stock - the rest would be converted into shares at a later date.

Greenspan's bid "offers significantly less certainty of closing and would, even if consummated, take months to complete".

Intermix's board of directors also rejected the offer because the return of Greenspan to Intermix "could create morale issues....and potentially harm the company's business". Greenspan was asked to leave as CEO when the company's shares were at $2 each and it was under investigation by the SEC.

The board also decided to adjourn the company meeting, being held 28 September, and reconvene it 30 September to give shareholders a chance to make up their minds. Read the full board statement here®

Maximizing your infrastructure through virtualization

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.