PEEK Announces Third-party Tender Offer To Buy LookSmart At $1.00/shr

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6/29/2012 5:30 PM ET

PEEK Investments LLC announced a third-party tender offer to purchase all of the outstanding shares of common stock of LookSmart Ltd. (LOOK: Quote) at $1.00 per share in cash. The offer represents a 35% premium over the NASDAQ Official Closing Price for the common stock on June 28, 2012.

PEEK said it is sponsored by a consortium of LookSmart's shareholders represented by Snowy August Management LLC and Platinum Management (NY) LLC. The current consortium may collectively be deemed to be LookSmart's largest shareholder and beneficially own 2.59 million shares or approximately 14.98% of the outstanding shares.

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