CBS Corporation’s tender offer for CNET Networks snared 78% of all CNET shares, so CBS has acquired majority control. All remaining shares will also be bought out for $11.50 per share and CNET will become a wholly owned subsidiary of CBS.
Shareholders who didn’t tender for the initial offer, which expired Friday, now have until midnight Wednesday to tender for the same $11.50 per share. CNET will then be merged into CBS and whatever shares remain in public hands cancelled and converted into the right to be paid the same $11.50 per share, without any interest. In all, CNET is costing CBS $1.8 billion.