Activist Track: Shaking Up Intermix
This column was originally published on RealMoney on Sept. 26 at 2:34 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.
Things are certainly mixed up at Intermix(MIX Quote), and a large founding shareholder has now turned activist.
Usually I write about activist hedge funds that accumulate shares and then quickly make proposals to maximize the value of those shares. In this case, we have a shareholder who has owned stock from day one and now wants more value than the offer on the table.
Intermix, an aggregation of popular Web sites, received an offer in July from News Corp.(NWS Quote) for $12 a share, or $580 million. This represented a 12% premium to where the stock closed the day before. It also represents an approximate 300% premium to where the stock was a year earlier. ...
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