Liberty Wants The Rest Of Funtech
Published: Friday, June 22, 2007 Online-Casinos.com
LIBERTY WANTS THE REST OF FUNTECH
53 percent ownership of skill gamer not enough for electronic retailing, media, communications and entertainment group
Skill games seem to be a sought after add-on for Internet sites this year, with several deals clinched by major companies like Funtech, GamArena and GameAccount. It's clearly an attractive field for Liberty Media, the giant Canadian electronic retailing, media, communications and entertainment group that owns 53 percent of Fun Technologies and announced this week that it wants more.
Liberty has made an offer to buy out Funtech's remaining shareholders at Cdn $3.50 (Sterling 163.5p) a share. Closing prices of FUN common shares on the AIM and TSX on June 21 were GBP 1.5750 and Cdn$3.15, respectively.
Liberty expects to launch the offer by way of a take-over bid to be governed by applicable securities laws promptly following review by a committee of FUN's independent directors.
The directors at Fun have confirmed its board will be establishing a committee of independent directors to review the proposed offer, to retain an independent valuator and to supervise the preparation of a formal valuation of its shares. Liberty bought its original stake in Funtech late in 2005 for approximately US$194 million.
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