Infospace has issued a response to the recent announcement by Sandell Asset Management, a investment management firm that owns about 8.8 percent of Infospace shares, that it will nominate three independent members to the Infospace board.
Jim Voelker, Chairman and Chief Executive Officer of InfoSpace, stated, “We are always interested in the views of our shareholders and appreciate those expressed by Sandell Asset Management in our conversations with them. We look forward to continuing our dialogue. Our Board and management team are mindful of the mandate to deliver high performance and shareholder returns. We regularly review the Company’s business plan and the value inherent in that plan—and will take a measured and decisive approach to continuing to do what we believe is in the best interests of all shareholders.”
Sandell has asked Infospace to immediately return $300 million of cash in the form of a $200 million Dutch tender offer at a premium to the current share price and a $100 million special dividend. (release)
Related:
—Infospace Share Owner Asks For Alternative Board, Return of Capital, Sale of Company