Spark Networks, owner of JDate, Christian Mingle, as well as other dating web sites, is dealing with an intense activist campaign because of the hedge investment Osmium Partners, that is seeking to unseat the board and force a purchase for the difficult business.
Then Spark Networks, owner of JDate, Christian Mingle, and a handful of other niche dating sites, is about to get its heart broken if love is a battlefield.
Osmium Partners is practically specific to win the four board seats it is gunning for when Spark holds its yearly shareholder conference week that is next sources acquainted with the specific situation stated, allowing the activist hedge investment to take close control and force a purchase associated with business. Initially planned for June 17, Spark has recently delayed the yearly conference until June 28, a move these sources stated is directed at purchasing Spark additional time to rally investors to vote down Osmium’s proposal or preempt a forced sale by securing its very own buyout offer.
A agent for Spark, which trades beneath the „LOV“ stock ticker, declined to comment beyond citing the business’s general general general public filings.
Osmium, which owns 15percent of Spark, established its proxy battle in December 2013, citing exactly exactly what it claims are Spark’s bad corporate governance, settlement concerns, and stock price that is declining. The hedge investment additionally alleges that Spark has mismanaged JDate, its „crown jewel,“ and therefore its Christian systems have actually been underperforming relative to their internet dating peers.
At a per share price of approximately $5, a almost 50% decrease in under per year, industry and investors may actually have fallen out from love with „LOV.“ As Osmium waits to see whether voters will think its four board nominees are really a match, listed here is a glance at a number of the hedge investment’s other gripes with Spark, according to a presentation it offered to investors in May: