Intermix has filed SEC documents detailing why they refused a proposal from Intermix founder Brad Greenspan which was based on complicated shareholder equity deal. According to PaidContent, the deal included prized social networking destination Myspace to be the sole company, with Greenspan at the head of the table. Here’s the SEC filing.
Intermix CEO Richard Rosenblatt:
The board concluded that the proposed offer from Mr. Greenspan lacked credibility and did not constitute a proposal that was superior for our stockholders in comparison to the pending transaction with News Corporation. We found the proposal to be speculative and incomplete, creating obvious risks to our stockholders.
