Glu Announces Tender Offer to Acquire Superscape, a Leading Publisher of Mobile Games
Posted by: Godboko on January 24, 2008 2:05:18 PM
Glu Mobile Inc. (“Glu”) (NASDAQ: GLUU) today announced a tender offer
to acquire Superscape Group plc (“Superscape”) (LSE: SPS), a leading
developer and publisher of mobile games. The acquisition of Superscape
will considerably expand Glu’s US presence and add significant
development and publishing capabilities to Glu’s existing world-class
resources.
The offer price of 10 pence in cash for each Superscape share values Superscape’s entire issued and to be issued share capital at approximately $36 million, or approximately $25 million when taking into account the $11 million of cash and equivalents held on Superscape’s balance sheet as of October 31, 2007.
Founded in 1993, Superscape ranked among the top five mobile games publishers in the United States during Q3 2007*, according to the Mobile Games Report from Nielsen Mobile. With approximately 135 employees, Superscape is headquartered in San Clemente, Calif., with a production facility in Moscow and an office in Fleet, Hampshire, UK. The company’s strong technical heritage in both development and publishing has led to its success in creating industry leading 3D games as well as in establishing innovative programs with leading network operators and handset manufacturers. These initiatives, which include a white label partnership with Verizon Wireless and a mobile gaming community with Alltel, distinguish Superscape within the industry.
Superscape’s portfolio of high quality games includes both original and branded titles. Superscape’s original titles include Gum Blox, Capone Casino, Sudoku, Paintball Challenge and Classic Mini Golf while its branded titles are based on recognized brands from 20th Century Fox, Universal Studios and Sony Pictures Mobile and include Alien versus Predator, Fox Motocross, AMF Extreme Bowling, Dodgeball, Fight Club, Harlem Globetrotters and Independence Day.
Greg Ballard, chief executive officer and president, Glu, commented, “This Offer represents an important step in Glu's strategy to become the number one mobile games publisher in the world. Superscape’s strong market position in the United States, heritage in 3D technology, and unique position as a leading white label publisher are a perfect complement to Glu’s world-class global presence.”
Larry Quinn, chairman of Superscape, said, “I am very pleased that we have been able to reach agreement on the terms of this transaction, which I believe is the right strategic outcome for Superscape, offering certainty and value to our shareholders. I am confident that Superscape will make a significant contribution to the future of the combined business.”
Transaction Details
The tender offer of 10 pence for each Superscape share has been unanimously recommended by the board of directors of Superscape. The offer is being made by Glu Mobile Inc., and is for all of the issued and to be issued ordinary shares of Superscape. Glu has received irrevocable undertakings or letters of intent from Superscape shareholders representing, in aggregate, 34% of Superscape’s issued share capital. The purchase of Superscape shares in the tender offer will be funded out of Glu’s existing cash resources.
The offer is being conducted under the terms of the U.K. City Code on Takeovers and Mergers and is subject to the satisfaction and/or waiver of a set of standard terms and conditions, including, but not limited to, the receipt by Glu of 90% acceptances to the offer by Superscape shareholders. Any of the conditions can be waived at the discretion of Glu.
Superscape shareholders have a period of 21 days from the date that the tender offer document is mailed to Superscape shareholders to accept the offer. This period of acceptance of the offer may be extended at the discretion of Glu. A copy of the formal announcement containing a summary of the terms and conditions of the offer will be available on Glu’s website at www.glu.com.
Glu will not provide financial guidance on the expected impact of the acquisition until after the transaction has been successfully completed.
*Ranking at the 70% confidence level of statistical significance, based on sampling and analysis of consumer mobile bills from the top four US mobile carriers.
Keywords :
Ratings
Acquisition Will Bolster Glu's Presence in North America; Supports Goal of Becoming the Leading Mobile Games Publisher Worldwide
The offer price of 10 pence in cash for each Superscape share values Superscape’s entire issued and to be issued share capital at approximately $36 million, or approximately $25 million when taking into account the $11 million of cash and equivalents held on Superscape’s balance sheet as of October 31, 2007.
Founded in 1993, Superscape ranked among the top five mobile games publishers in the United States during Q3 2007*, according to the Mobile Games Report from Nielsen Mobile. With approximately 135 employees, Superscape is headquartered in San Clemente, Calif., with a production facility in Moscow and an office in Fleet, Hampshire, UK. The company’s strong technical heritage in both development and publishing has led to its success in creating industry leading 3D games as well as in establishing innovative programs with leading network operators and handset manufacturers. These initiatives, which include a white label partnership with Verizon Wireless and a mobile gaming community with Alltel, distinguish Superscape within the industry.
Superscape’s portfolio of high quality games includes both original and branded titles. Superscape’s original titles include Gum Blox, Capone Casino, Sudoku, Paintball Challenge and Classic Mini Golf while its branded titles are based on recognized brands from 20th Century Fox, Universal Studios and Sony Pictures Mobile and include Alien versus Predator, Fox Motocross, AMF Extreme Bowling, Dodgeball, Fight Club, Harlem Globetrotters and Independence Day.
Greg Ballard, chief executive officer and president, Glu, commented, “This Offer represents an important step in Glu's strategy to become the number one mobile games publisher in the world. Superscape’s strong market position in the United States, heritage in 3D technology, and unique position as a leading white label publisher are a perfect complement to Glu’s world-class global presence.”
Larry Quinn, chairman of Superscape, said, “I am very pleased that we have been able to reach agreement on the terms of this transaction, which I believe is the right strategic outcome for Superscape, offering certainty and value to our shareholders. I am confident that Superscape will make a significant contribution to the future of the combined business.”
Transaction Details
The tender offer of 10 pence for each Superscape share has been unanimously recommended by the board of directors of Superscape. The offer is being made by Glu Mobile Inc., and is for all of the issued and to be issued ordinary shares of Superscape. Glu has received irrevocable undertakings or letters of intent from Superscape shareholders representing, in aggregate, 34% of Superscape’s issued share capital. The purchase of Superscape shares in the tender offer will be funded out of Glu’s existing cash resources.
The offer is being conducted under the terms of the U.K. City Code on Takeovers and Mergers and is subject to the satisfaction and/or waiver of a set of standard terms and conditions, including, but not limited to, the receipt by Glu of 90% acceptances to the offer by Superscape shareholders. Any of the conditions can be waived at the discretion of Glu.
Superscape shareholders have a period of 21 days from the date that the tender offer document is mailed to Superscape shareholders to accept the offer. This period of acceptance of the offer may be extended at the discretion of Glu. A copy of the formal announcement containing a summary of the terms and conditions of the offer will be available on Glu’s website at www.glu.com.
Glu will not provide financial guidance on the expected impact of the acquisition until after the transaction has been successfully completed.
*Ranking at the 70% confidence level of statistical significance, based on sampling and analysis of consumer mobile bills from the top four US mobile carriers.
There are no comments attached to this item.
Post a new comment
Keywords :
Ratings
Latest Review
Tom Clancy's Rainbow Six Vegas 2
Army of Two
Pacific Storm: Allies
AGEOD’s American Civil War: 1861-1865 – The Blue and the Gray
Panzer Tactics DS
Cheats - Cheat Genius
Cheats hints and tips for many games, including Halo 3 Cheats, all at Cheat Genius
www.cheatgenius.co.uk
Cheats hints and tips for many games, including Halo 3 Cheats, all at Cheat Genius
www.cheatgenius.co.uk
Latest Peview
Latest Games
Latest Cheats
Affiliates Links
Eternal Gaming Blog Feed
