Funtech & Liberty Merger Deal Finalised
Published: Thursday, February 23, 2006 Online-Casinos.com
FUNTECH & LIBERTY MERGER DEAL FINALISED
Shareholders like the merge
Last November, FUNTech CEO Lorne Abonie announced that Liberty Media would be taking over the group (see previous Online-Casinos.com & InfoPowa reports) subject to shareholder approval.
This week the shareholders voted unanimously in favour of the takeover bid for in a deal valued at US$195 million when it was. Under the multi-stage deal, Liberty will invest $50 million US in FunTech by purchasing 10.5 million of its common shares directly from its treasury. The strong financial position which will enable further development, expansion and acquisitions by the skill gaming group.
In the second part of the deal, Liberty will issue a tender offer to buy 23.2 million existing shares at 360 pence to take its total ownership in a recapitalised Fun to 51 percent.
Fun Technologies was created in June 2002 by two of the cofounders of CryptoLogic and has gone from strength to strength in the burgeoning skill gaming sector, signing up some of the biggest names in the business as clients.
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