|
|||||||
| Submit News If you would like to submit news to us, please post it in this forum. |
 |
|
|
Thread Tools |
Oct 31, 2006, 08:37 AM
|
#1 | ||
|
HH Old Fuddy Duddy
|
Silverstar Holdings Agrees to Buy Out Empire Interactive
(Empire Interactive is the European Publisher for the surprise hits, FlatOut and FlatOut 2.)
SSTR:Announces Offer to Acquire Empire Interactive PLC By Brian Edwards, [COLOR=#0000ff]bedwards@knobias.com[/COLOR] Silverstar Holdings, Ltd. (SSTR) announced that it had submitted a definitive offer to acquire all the shares of Empire Interactive PLC. The offer calls for either a cash payment of 7p (approx. $0.13) per share on closing or an earn-out alternative where the initial payment will be 4.9p (approx. $0.09) per share with a further 5.1p (approx. $0.094) per share payable subject to certain conditions on October 31, 2007. The earn-out alternative also includes further incentive payments subject to Empire achieving certain EBITDA targets for the year ended June 30, 2007. Should all Empire shareholders other than management elect to receive the 7p cash payment, the maximum amount due on closing will be approximately $7.2 million. Should all shareholders elect the earn-out alternative, the maximum amount due on closing will be $6.15 million with an additional $6.4 million due in a second payment on October 31, 2007 with further incentive payments due on April 30, 2008 subject to Empire achieving certain EBITDA targets for the year ended June 30, 2007. Empire's two principal shareholders have given irrevocable undertakings to vote their 62% shareholdings in favor of the earn-out alternative. The offer will be open to shareholders for 21 days. The transaction is expected to close in late November. [COLOR=#810081]http://www.silverstarholdings.com/press/10-30-06c.html[/COLOR]
__________________
Quote:
Quote:
Last edited by Dyre Straits; Oct 31, 2006 at 08:52 AM. |
||
|
|
| Thread Tools | |
|
|
