Infogrames offering to buy out Atari
It looks as if Phil Harrison, now president of Infogrames, is kick-starting his plans for his new colleagues and company. Word is that Infogrames-subsidiary Atari has just received a proposal to be bought out at a reasonable price, and a special review team has been assembled to review the advantages of the agreement. More at the full story.
Atari has said that they’ve been handed an opportunity to become fully part of Infogrames family, after the subsidiary received a letter from parent company Infogrames. The letter proposed to purchase the remaining stock of Atari – those shares that Infogrames still doesn’t own.
Though the proposal was swift, the move wasn’t that much of a shocker. Phil Harrison, former president of SCE Worldwide Studios and now president of Infogrames, has often spoken with interest in what Atari had to offer the gaming industry.
The proposed acquisition may signal a new start for the once-legendary brand in gaming, after the company had made steady successes in IP selection. CD Projekt‘s The Witcher was one of them, and it had enjoyed independent gaming success in several regions, including Europe.
The proposal aims to buy out remaining stocks at a fixed US$ 1.68 per share, and currently stands as a non-binding – or not mandatory – agreement. Atari responded by creating a special review team in order to evaluate the offer and create an effective decision for the company. More on this as we come by them.