Shareholders in CNET Networks are giving the thumbs up to the pending $1.8 billion acquisition by CBS.
The Eye has acquired 78% of outstanding CNET shares since it launched its tender offer at $11.50 per share in late May. CBS said Monday it would extend the tender offer through midnight Wednesday.
The strong response to the tender offer settles the question of whether CBS may face a bidding war with another suitor. With CBS already owning a majority of CNET shares, it’s unlikely to face any hurdle in closing its acquisition on sked by the third quarter.
A Web pioneer, CNET’s portfolio of highly trafficked sites includes info- and lifestyle-oriented vehicles CNET.com, GameSpot.com, TV.com and Chow.com. The Eye went after CNET to significantly boost its volume and market share in the fast-growing Internet advertising sector.
Nonetheless, Wall Street has been cool to the CBS-CNET union. CBS shares took a tumble when the merger pact was unveiled in May and were trading on Monday at 52-week lows. Eye shares eased 18¢, or nearly 1%, to close at $19.82.