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LookSmart Board unanimously rejects PEEK's unsolicited tender offer

LookSmart (LOOK) announced that its Board of Directors thoroughly reviewed the unsolicited tender offer made by PEEK Investments, and, with the assistance of its financial and legal advisors, unanimously determined that the $1.00 per share cash offer is inadequate and is not in the best interests of LookSmart's stockholders. Accordingly, the Board recommends that stockholders not tender any of their shares to PEEK. The company filed today a Schedule 14D-9 with the SEC detailing the reasons for its rejection. "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 CEO of LookSmart. "The online advertising market is rapidly growing and there is significant demand for an independent online advertising platform able to integrate search and display. LookSmart is well-positioned to capture this opportunity through the ongoing development of our next-generation product suite. Leveraging the robust architecture and scalability of LookSmart's existing platform, we believe the progressive release of our new products will deliver short term performance improvements as well as longer term growth."