Game’s management has told its shareholders to accept the offer of 30p per share made by Sports Direct mogul Mike Ashley.
Game’s management will sell their shares to Ashley, having told shareholders to accept the offer of 30p per share made by the Sports Direct boss.
The offer equates to a deal value of around £52m and may see Ashley place gaming arenas in House of Fraser, which he bought out of administration last August.
Ashley, who already owns nearly 40% of Game, originally made the offer last month. Game management termed the offer ‘fair’ and conceded that it was reliant on Ashley’s business to “support its future growth prospects”, especially with its collaborative rollout of gaming arenas.
It made reference to tough trading conditions and the lengthening of console lifetimes, both of which it said were expected to affect future financial performance. It added that the offer had “the potential to deliver a number of strategic benefits to Game’s business, including the opportunity to benefit from Sports Direct’s increased financial and operating support”.
Game management who hold shares will now sell their stakes in accordance with the offer.
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