LookSmart
LOOK, an online advertising network solutions company, today issued
the following statement regarding PEEK Investments LLC's ("Peek") 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 today by Snowy August
Management LLC ("Snowy August"), 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."
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