MarketWatch Sued for Review of Viacom Offer
MarketWatch Inc., owner of the CBS MarketWatch website, was sued by a shareholder seeking the appointment of an independent committee to review any potential bid for the company by Viacom Inc.
Viacom said Thursday that it was planning to bid for the remainder of MarketWatch that it doesn’t already own.
Viacom owns about 5.64 million shares, or 22.3%, of MarketWatch.
Michael Liefer, in a suit filed in Wilmington, Del., said investors might not receive a fair offer because of the ownership interest and the fact that two of San Francisco-based MarketWatch’s 11 directors are affiliated with Viacom.
Shares of MarketWatch rose 1 cent to $16.07 on Nasdaq. Viacom’s Class B shares fell 51 cents to $36.49 on the NYSE.
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