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InfoSpace investor Sandell Asset Management files proxy statement seeking support for board nominees
By Lisa Kerner
Charlotte, N.C., April 16 - Sandell Asset Management Corp. said it filed a preliminary proxy statement with the Securities and Exchange Commission regarding its planned solicitation of proxies for InfoSpace, Inc.'s May 31 annual meeting.
Sandell - InfoSpace's largest shareholder, with a roughly 8.8% stake in the company - is seeking support from InfoSpace shareholders to elect its three independent nominees to represent shareholders on the company's board of directors.
In the preliminary proxy statement, Sandell cited several reasons for shareholders to support its slate, including a 45% decline in the price of InfoSpace shares, questionable management decision-making and deteriorating financial results.
Sandell said its nominees will work to execute initiatives such as an immediate sale of the remaining mobile business, the immediate return of a substantial portion of the $400 million cash balance through stock repurchases and distributions and cost-cutting measures.
In recent weeks, the investor has been critical of InfoSpace's failure to formulate a plan for returning capital to shareholders and suggested a $200 million Dutch tender offer as well as a $100 million special dividend.
Sandell's board nominees include Nick Graziano, Jonathan R. Macey and Paul L. Schaut, according to an amended schedule 13D filed with the Securities and Exchange Commission on March 19.
In response, InfoSpace said it would put forth its own slate of nominees for election to the board.
Bellevue, Wash.-based InfoSpace develops technologies that assist in locating content on the Internet.
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