The proposed merger between USA Networks and Lycos in now in limbo until a shareholders vote in July, after the deal?s main opponent decision to make a change of strategy.
Last week CMGI chairman David Wetherell and long-time director of Lycos, announced he was leaving the Lycos Board to be free to explore the best options available to Lycos shareholders including seeking other possible buyers.
However according to US reports, CMGI has now decided to allow the merger to go to a shareholder vote, confident they will get the votes needed to block the plan.
A positive vote for the deal seems unlikely as Lycos is facing a number of class action suits from shareholders claiming Lycos misrepresented its position, by claiming it was committed to remaining independent while it was actually in serious merge talks with USA Networks.
CMGI holds approximately 20 per cent of Lycos shares and has opposed the deal with USA Networks since the shares plummeted following the announcement of the merger.
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