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IGN Announces Going-Private Transaction

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SAN FRANCISCO--(BUSINESS WIRE)--May 2, 2003--IGN Entertainment (Nasdaq:IGNX) -- home to IGN.com?, the web's largest information and entertainment destination for video gamers -- today announced the signing of a definitive agreement for the merger of IGN Entertainment, Inc. with a new corporation formed and majority-owned by Great Hill Partners, LLC. IGN co-founders Chris Anderson and Mark Jung (IGN's Chairman and Chief Executive Officer, respectively) will hold minority interests in the new company, and each has agreed in writing to vote in favor of the merger. IGN will be the surviving corporation in the merger. Following the transaction, IGN will no longer be publicly traded.
Under the terms of the agreement, the new corporation will pay $12 per share in cash for each of IGN's outstanding shares of common stock.
A special independent committee of the Board of Directors as well as IGN's full Board, excluding Anderson and Jung, have approved the transaction and definitive agreement. In reaching its decision, the special committee and the Board received a fairness opinion from IGN's financial advisor, Alliant Partners. The closing of the transaction is subject to a number of conditions, including approval by a majority of IGN stockholders.
 

Das Texan

Loria can kiss my ass
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allright....



now they can essentially do what they want.



nice, especially if they gain control of 50.1% of common stock.
 

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