Sunday, August 5, 2012

LookSmart Reports 2Q'12 Results and Says No To PEEK

LookSmart (LOOK) has been a dumb investment for me, but I considered the $1 per share offer by PEEK Investments to buy LookSmart as unacceptable. Turns out LookSmart's board of directors agree.
"Our Board unanimously believes that PEEK's unsolicited offer is financially inadequate, fails to capture the value of LookSmart's market positioning and growth opportunities, and is not in the best interests of LookSmart stockholders," said Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer of LookSmart.

LOOK closed at $0.90 on Thursday, 02012.08.02. LOOK rejected PEEK's offer and reported 2Q'12 results after the market closed. On Friday, 02012.08.03, LOOK hit an intra-day low of $0.76, before closing at $0.83.

About LookSmart's 2Q'12 results... "The Company ended the quarter with $20.2 million in cash, cash equivalents, and investments, compared to $24.8 million at December 31, 2011." The company has approximately $1.17 per LOOK share in cash.

No comments:

Post a Comment