CBS completes tender offer for CNET; acquisition expected to close within days

By Lisa Kerner

Charlotte, N.C., June 26 - CBS Corp. completed its subsequent tender offer period for all outstanding shares of common stock of CNET Networks, Inc. on June 25.

The initial offering period ended on June 20, CBS noted.

Approximately 117.9 million CNET shares were validly tendered and accepted for purchase at the offer price of $11.50 per share, net to the seller in cash, without interest and less any required withholding taxes, a CBS news release stated.

CBS said it intends to complete the acquisition in the next few business days via a short-form merger under Delaware law, following the exercise of CBS' top-up option.

Following payment for the shares, CBS will own approximately 78% of CNET's outstanding shares of common stock.

It was previously reported that CBS agreed to acquire CNET in a deal valued at some $1.8 billion and expected to close in the third quarter of 2008.

San Francisco-based CNET is an interactive media company. CBS is a mass media company based in New York.

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