Prior to making the deal, Atari hired a new CEO and sought a deadline extension on the Infogrames offer to explore all possible options. With Atari's agreement, Infogrames will acquire all the remaining outstanding equity interests of Atari (computed at US 11 million). In return, Atari will now become a wholly-owned subsidiary of Infogrames.
Here are specifics of the agreement:
- brings to a close a period of financial underperformance for Atari;
- strengthens Atari under Infogrames' new management team;
- delivers a platform for future growth in the US; and
- offers Atari shareholders an all cash exit.
