RealNetworks, Inc. (Nasdaq: RNWK), an emerging leader in AI-based software and solutions, today announced that it has received an unsolicited, non-binding proposal from Robert Glaser, RealNetworks’ Founder, Chairman, and Chief Executive Officer to acquire all of the outstanding shares of common stock of RealNetworks not currently owned by Mr. Glaser and his affiliates at a purchase price of $0.67 per share in cash, subject to certain conditions. Mr. Glaser, together with his affiliates, currently owns approximately 38% of the outstanding shares of RealNetworks stock.
In light of the proposal, the board of directors of RealNetworks has appointed an independent special committee (the “Special Committee”) to carefully review and evaluate Mr. Glaser’s proposal and other available alternatives. The Special Committee is composed of two independent directors of RealNetworks’ board of directors, Erik Prusch and Bruce Jaffe. The Special Committee will retain independent financial and legal advisors to consider the proposal.
“While this offer initiates a process that will unfold over a period of time, we want to assure all of our agents and clients that business will continue as usual, and we expect there to be no change in the products, services, or support we provide,” said Mr. Glaser.
The Special Committee intends to undertake a prompt review and evaluation of the proposal and other available alternatives with its financial and legal advisors to determine the course of action it believes to be in the best interests of RealNetworks and its stockholders, but there can be no assurance that this process will lead to the approval or completion of any transaction. RealNetworks does not intend to disclose developments regarding this process unless and until the Special Committee and RealNetworks’ board of directors have approved a specific transaction or otherwise concluded its review of strategic alternatives.
