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Longstanding investor in Looksmart (and a 69 yr old ex-tradesman), who has a passionate interest in the problems of newspapers along with their success in all their monetisation attempts made, on the web. For the "times are indeed, a changin", I feel. [17th of Aug, 2011 - Print media... More
  • Looksmart To Be Taken Private? 3 comments
    Aug 29, 2012 4:48 PM

    The thought came to me after today's Snowy August Management LLC announcement that there's a real possibility, that Looksmart will be soon taken 'private'.

    A follow-up announcement helped to only further confirmed to me, my own above suggestion.

    The past five years of certain 'activity' (of the kind that fits the crime), has been noted. (I just hope I am wrong)

    This (I feel) would be a travesty of justice and would further exemplify just how greedy business is done these days. And the example of that is surely an indictment of or - as to where our world is positioned today.

    The number of people who would know of any plan to take Looksmart 'private' would be substantial.

    This would be a suicidal move, for the industry, I feel. To not have a fully transparent public accountability - becomes a real moral issue, I believe.

    If the Co doesn't make the appropriate announcements that I expect it can make - - in a more colorful manner than any of over those produced over the past number of years plus a continuation of this 'legal business' being allowed to drag on, who knows?

    Just an opinion, as always.

    LOOK: $0.91 Down 0.02 (2.15%) 3:51PM EDT - Nasdaq Real Time Price

    LC

    Disclosure: Long LOOK and concerned.

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  • LookingConfident
    , contributor
    Comments (846) | Send Message
     
    Author’s reply » .
    LookSmart responds to 2nd extension of unsolicited offer by PEEK Investments

     

    (When will people 'wake-up' to what's going on here, I wonder?)

     

    LookSmart issued the following statement regarding PEEK Investments LLC's decision to extend, for a second time, its unsolicited tender offer to acquire shares of LookSmart for $1.00 in cash per common share.

     

    The company also responded to the unsubstantiated and misleading statements made by Snowy August Management LLC, a member of the consortium sponsoring Peek's tender offer.

     

    "Our Board strongly believes the terms of Peek's offer and the tactics which they are pursuing are coercive," said Scott Kauffman, Chairman of the Board of LookSmart and Chair of the Special Committee of the Board evaluating strategic alternatives.

     

    "The $1.00 per share offer price is not in the best interests of LookSmart's stockholders, as LookSmart's stock has recently traded above the offer price, the company has received and is pursuing other indications of interest at valuations exceeding $1.00 per share, and the company is continuing to execute on a strategic plan designed to enhance both near term and long term value."

     

    "The short-term rights plan our Board unanimously adopted protects our stockholders from this coercive tactic," continued Mr. Kauffman.

     

    "By Peek's own count, only 42% of the shares not owned by Peek had tendered. Allowing the offer to close would risk leaving a majority of the non-Peek holders in an illiquid, minority position," he concluded.

     

    As previously disclosed, Peek has been repeatedly invited to submit a proposal to LookSmart's Board. To date, Peek has not submitted any such proposal.

     

    http://yhoo.it/NYObqV

     

    *******************
    30 Aug 2012, 09:42 AM Reply Like
  • Connor Haley
    , contributor
    Comments (24) | Send Message
     
    When does the new tender offer extension expire?
    11 Sep 2012, 01:13 PM Reply Like
  • LookingConfident
    , contributor
    Comments (846) | Send Message
     
    Author’s reply » Tomorrow, is my understanding. According to a poster on the Yahoo Finance LOOK board.

     

    "As extended, the tender offer is currently scheduled to expire at 5:00 P.M., New York City time, on September 12, 2012."

     

    Thanks for your interest.

     

    LC
    .
    11 Sep 2012, 01:33 PM Reply Like
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