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Infogrames Makes Offer For Atari
by David Jenkins
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March 7, 2008
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Officials from Atari, Inc. have confirmed that the U.S. headquartered company has received a non-binding offer from French parent company and majority shareholder Infogrames, expressing the intention to acquire all of Atari’s outstanding stock.
After years of troubled results, which saw the company selling of many of its most prominent intellectual properties and internal studios, Atari, Inc. has seen a change in fortunes in recent weeks since the appointment of new CEO David Gardner, and the recent hiring of ex-Sony stalwart Phil Harrison.
Infogrames intends to acquire all outstanding common stock which it or its affiliates does not already own for a per share cash amount of $1.68, in an attempt to unite the company under David Gardner and Phil Harrison's leadership.
Atari, Inc.’s board of directors have said only that they and their advisors will undertake a “thorough evaluation of the proposal”.
Since the offer is non-binding, there is no guarantee that the move will go ahead, despite Infogrames’ close relation with the company.
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