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Jeeves Bbid Triggers Suit

     
12:48 pm on Mar 24, 2005 (gmt 0)

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[seattlepi.nwsource.com...]

Internet search engine Ask Jeeves Inc. was sued by a stockholder who claimed the company is worth more than the $1.96 billion offered by IAC/InterActiveCorp. Chief Executive Barry Diller.
10:16 am on Mar 25, 2005 (gmt 0)

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I think the claimant has got a case.

I think the directors at AJ are just wanting to sell, rather than go into open tender for a fare price for the company. Stupid! - smells of accountants.

5:14 pm on Mar 25, 2005 (gmt 0)

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Maybe Berkowitz was glossy eyed in the presence of the billionaire Diller. Jeeves adds value to Dillers businesses and the two may work well together but why did they give themselves away so cheap?
As it looks the price is tied to the stock price of IACI but not to any specific date.
Further it appears according to MarketWatch that ASKJ will have to pay 68 mil. if they bow out. This acts as a fine for anyone else moving in to make a bid if I read it correctly.
Yes the lawsuit seems to be merited. Unless there is something unpublished about the deal it looks like a stinker for Jeeves shareholders.
9:36 pm on Mar 26, 2005 (gmt 0)

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Correcting myself--
Break up fee looks to be imposed on IAC 3.5%. I don't know where MarketWatch got their figures. I just don't see this getting past Jeeves shareholders without a set share price!