Consistent with its fiduciary duties, after receiving additional indications of interest at valuations exceeding Peek's offer price, the Board unanimously adopted a short-term stockholder rights agreement in order to protect stockholders from Peek's tactics and ensure that the Special Committee and LookSmart's stockholders have adequate time to properly assess any and all indications of interest or other strategic alternatives without undue pressure. The stockholder rights plan is intended to safeguard LookSmart stockholders' opportunity to realize the maximum value of their investment.The Special Committee has engaged Victory Park Securities, LLC as its financial advisor with respect to the maximization of stockholder value and the Special Committee's evaluation of all indications of interest and other strategic alternatives. Peek remains eligible to submit a proposal that will be evaluated by the Special Committee, with the assistance of the Committee's financial advisor, on the same terms as other indications of interest. As previously disclosed, Peek has been repeatedly invited to submit a proposal to LookSmart's Board. To date, Peek has not submitted any such proposal.
LookSmart Responds To Second Extension Of Unsolicited Offer By PEEK Investments And Baseless Statements Made By Snowy August Management
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