Mark Cuban: Mark Cuban to oppose Register.com sale
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» Kirk - Mark Cuban to oppose Register.com sale
.Mark Cuban to oppose Register.com sale
AUG. 10 12:09 P.M. ET Register.com Inc. shareholder Mark Cuban said Wednesday that he plans to vote against the sale of the Internet registrar to private equity firm Vector Capital Corp.
Cuban, a billionaire Internet entrepreneur and owner of the Dallas Mavericks, said he holds about 3.3 million shares of Register.com, or 13.2 percent of the company. On Tuesday, the company said it agreed to be acquired for roughly $200 million in a cash deal that would take the company private.
In a statement, Cuban said he did not believe the proposal was in the best interests of the shareholders.
"The $200 million offering price does not come close to fairly valuing the business of this company," he said. "In fact, I believe the transaction would be disastrous to the interests of the stockholders."
A Register.com spokesman was not immediately available for comment.
On Tuesday, Register.com also reported a second-quarter profit, reversing a year-ago loss, on higher revenue and lower operating expenses.
Shares of Register.com rose 12 cents to $7.92 in midday trading on the Nasdaq.
-- posted by Kirk
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