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CNET Calls JANA's Proposal 'Improper'

CNet Networks responded to hedge fund JANA Partners' aggressive proposal to takeover the company upon acquiring a majority of shares in the company. CNet called JANA's proposal "improper" and indicated that a takeover would not add value for stockholders.JANA Partners issued an announcement this morning and filed with the Securities and Exchange Commission its intent to submit proposals to amend CNet's bylaws in order to increase the size of the board of directors from eight to thirteen. The move came after JANA acquired 21 percent, or a majority stake, in the company.