LookSmart to hold Dutch auction tender offer in early 2008

By Lisa Kerner

Charlotte, N.C., Dec. 19 - LookSmart, Ltd.'s board of directors approved a modified Dutch auction self-tender offer for up to $20 million of its common stock.

The 20-day offer is expected to begin in early January, at which time the anticipated offer range will be disclosed.

LookSmart said it will finance the repurchase from its existing cash, cash equivalents and short-term and long-term investments balance, which totaled some $52.9 million as of Nov. 30, a company news release stated.

"The tender offer reflects our continued commitment to enhancing shareholder value and provides an attractive use of capital given LookSmart's business and current market valuation," chairman and interim chief executive officer Ted West said in the release.

"We are very pleased that our strong cash balance allows us to return value to our shareholders while providing continued flexibility to pursue our growth prospects."

Craig-Hallum is acting as the dealer manager for the tender offer.

LookSmart is an online advertising and technology company based in San Francisco.

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