Last week the Delaware Chancery Court ruled that CNet's bylaws do not give it the ability to prevent a group of dissident shareholders led by an affiliate of hedge fund Jana Partners LLC from nominating directors to the company's board or proposing an increase to the board's size.

The court's decision "incorrectly calls into question the bylaws of a large number of companies with the same or similar bylaw provisions," CNet said in a release. The company said its stockholder-approved bylaws are "fully applicable" to the hedge fund.

A "costly and disruptive proxy contest" is not in the best interest of stockholders, and Jana should not be able to seek control of CNet without paying a premium, the company said.

In a letter to CNet Chief Executive Neil Ashe issued earlier Monday, Jana managing partner Barry Rosenstein questioned whether an appeal would benefit shareholders. "We believe it is time for fundamental strategic and operational change at CNet, and that the nominees we have proposed... have the collective experience and expertise to successfully implement this change," he wrote.

Jana had about a 10 percent stake in CNET as of Dec. 31.

Odyssey Marine Exploration and Spain have been arguing over the treasure since the trove was found last year at an undisclosed location in the Atlantic Ocean.

U.S. District Judge Steven Merryday ruled on Thursday that Odyssey's lawsuit claiming rights to the treasure could go forward provided the company promptly identifies the wreck for Spain, or gives its "best available hypothesis" of the identity.

At a court hearing on Wednesday, the company's lawyers said Odyssey did not know for certain the name or nationality of the wreck, from which the company recovered some 17 tonnes of silver coins and gold.

"We want to know the identity of this vessel, and what this ruling is saying is 'It's not an answer to say we haven't decided for sure,'" said lawyer James Goold, who is representing Spain.

Merryday ruled that parts of Odyssey's lawsuit could go forward through the courts, including claims for possession and ownership of the wreck and the artifacts.

But he sided with Spain on several other elements of the suit, dismissing Odyssey's claims for monetary damages from Spain and a request for an injunction to "secure the integrity of the recovery operation against interference from a third party."

The two sides have been at odds since Odyssey announced last May that it had found half a million silver coins and other artifacts. It said the wreck, which it code-named "Black Swan," was discovered in the Atlantic Ocean outside any country's territorial waters.

The dispute turned ugly when Spanish warships twice intercepted the company's treasure hunting ships after they left the British territory of Gibraltar and escorted them to Spanish ports.