Platinum Management (NY) LLC through its fund Platinum Partners Value Arbitrage Fund, L.P. , Snowy August Management, LLC through its fund Snowy August Fund I LP, Michael Onghai, Mark Nordlicht, and Uri Landesman (buyers) made an offer to acquire remaining 85.02% stake in LookSmart, Ltd. (NasdaqGM:LOOK) from Renaissance Technologies Corp., Mercury Fund VII, Ltd and Mercury Fund VIII, Ltd of Mercury Management LLC, Dimensional Fund Advisors LP, Kennedy Capital Management, Inc. and other shareholders for $14.7 million in cash on June 29, 2012. The buyers made an offer to pay $1 per share of LookSmart. As on July 16, 2012, the tender offer was commenced. The offer and withdrawal rights will expire on August 10, 2012.

The deal is subject to regulatory approval, antitrust regulations, minimum tender and amendment to article of incorporation. The offer is not conditioned upon buyers obtaining financing. As of August 2, 2012, LookSmart, Ltd. Board of Directors unanimously determined that the offer is inadequate and is not in the best interests of LookSmart's stockholders. LookSmart's Board recommends stockholders reject the offer. As of August 13, 2012, the expiration date of the tender offer has been extended till August 24, 2012.

As of August 27, 2012, buyers announced gaining of majority control in LookSmart, Ltd. together with the shares acquired in the tender offer with already owned shares. LookSmart has reacted by imposing a last-minute "retroactive" poison pill. Notwithstanding LookSmart's last-ditch act of desperation, buyers have extended tender offer till September 12, 2012. The tender offer was previously scheduled to expire on August 24, 2012. As of September 13, 2012, the tender offer is scheduled to expire on September 28, 2012. As of October 1, 2012, the tender offer is scheduled to expire on October 26, 2012. As of September 28, 2012, 3.17 million shares had been deposited. As of October 29, 2012, buyers have extended the tender offer, which is scheduled to expire on November 30, 2012. As of October 26, 2012, 5.1 million shares had been deposited. As of November 30, 2012, 4.7 million shares had been deposited. The tender offer date has now been extended to December 31, 2012. On December 20, 2012, the Board of LookSmart determined to withdraw its recommendation against the offer and decided to express no opinion to LookSmart's stockholders. As of December 31, 2012, 8.38 million shares had been deposited. As of January 1, 2013, the tender offer has been extended to January 7, 2013.

VStock Transfer LLC acted as depositary and paying agent while Morrow & Co. acted as information agent for buyers. Computershare Investor Services, LLC acted as transfer agent and Victory Park Securities, LLC provided fairness opinion and acted as financial advisor for special committee of Board of Directors of LookSmart. Fletcher Clark Johnston of Securities Law Adviser Group LLC acted as the legal advisor to Snowy August in the transaction. AST Phoenix Advisors acted as information agent, Jon Gavenman and Jennifer Fonner DiNucci of Cooley LLP acted as the legal advisors to LookSmart, Ltd.

Platinum Management (NY) LLC through its fund Platinum Partners Value Arbitrage Fund, L.P. , Snowy August Management, LLC through its fund Snowy August Fund I LP, Michael Onghai, Mark Nordlicht, and Uri Landesman (buyers) completed the acquisition of 49.20% stake in LookSmart, Ltd. (NasdaqGM:LOOK) for $8.5 million in cash on Jun 7, 2013. On January 7, 2013, total 8.508647 million shares of LookSmart, Ltd. had been tendered which represents 49.20%. Post acquisition, PEEK and its affiliates will own 64% of the total shares outstanding of LookSmart, Ltd.