21 mayo, 2009

LA OFERTA DE WARNER ES OFICIAL

Así lo hace saber Midway a través de una nota de prensa:

MIDWAY INITIATES SECTION 363 SALE PROCESS
Seeks Bankruptcy Court Approval for Sale of Assets for a Minimum of $33 Million
Warner Bros. Entertainment Emerges as "Stalking Horse" Bidder

CHICAGO – May 21, 2009 – Midway Games Inc. today announced that it has entered into a "stalking horse" asset purchase agreement with Warner Bros. Entertainment Inc., a subsidiary of Time Warner, Inc. (NYSE:TWX), and filed a sale and bid procedures motion with the Bankruptcy Court to conduct the sale of the Company’s assets pursuant to Section 363 of the United States Bankruptcy Code. The bid procedures will provide for notice to be given to third parties of the pending sale to Warner Bros. Entertainment and offer the opportunity for interested parties to bid on the Company's assets.

Under the agreement, Warner Bros. Entertainment would acquire substantially all of the Company's U.S. assets including its Mortal Kombat franchise and its development studios in Chicago and Seattle for a purchase price of $33,000,000, subject to adjustment as of the closing for changes in inventory, plus the agreed value of the Company's U.S. account receivables. The agreement does not include the Company's development studio in San Diego and the TNA franchise games, nor does it include the Company's development studio in Newcastle which had developed the Company's recently released Wheelman game.

Prior to court approval of the Warner agreement, there will be a court-supervised auction process to facilitate competitive bidding by other qualified buyers. This process is intended to achieve the highest value possible for the Company's stakeholders. The bidding procedures, if approved, would require interested parties to submit binding offers to acquire some or all of the Company’s assets within approximately 30 days of court approval of the bid procedures. Assuming qualified bids are submitted, an auction would be held a few days prior to the sale hearing. A court hearing approving the sale to the winning bidder or bidders would be held soon after the conclusion of the auction, followed by a final closing.

Once the bid procedures have been approved by the Bankruptcy Court, the Company will announce the initiation of the formal bidding process, and at such time interested parties will be asked to contact the Company's financial advisor, Lazard, for more information on the bidding process.

Warner Bros. ha hecho una oferta de compra por un valor de 33 millones de dólares. Mediante el acuerdo, Warner pasaría a ser propietaria de los estudios de Chicago y Seattle así como la franquicia Mortal Kombat. En cambio no lo será de los estudios de San Diego y Newcastle, así como los derechos de la TNA y Wheelman. Pero antes de la aprobación de ésta, habrá un proceso de subasta en el que las partes interesadas podrán presentar sus ofertas en un plazo de treinta días, por lo que todavía no es del todo definitivo. Por lo que todavía tendremos que esperar un poco más para ver que pasa.
Al margen de esta noticia, recordemos que el E3 está cerca y que en principio Midway no va a tener presencia en la feria. Pero Ed Boon parece que sí va a ir según lo que ha publicado en su Twitter:
Starting to get excited about going to E3.

ACTUALIZADO a 30 de mayo
Midway ha publicado una nueva nota de prensa informando de las fechas en las que se producirá la subasta y posterior venta de la compañía. También destacan los activos en venta:

Assets for Sale Include Four Studios, European and North American Publishing Groups, Iconic Mortal Kombat, TNA Wrestling License, Open World Games, Casual Games, and Full Classic IP Library

Midway recently announced a "stalking horse" asset purchase agreement, which is expected to receive court approval, subject to higher or better bids, in a hearing on June 2, 2009. Following this hearing, there will be a period during which Midway, through its financial advisor, Lazard, will accept binding offers up to June 24th, 2009, to acquire some or all of the Company's assets. An auction will be held on June 29th to determine the bid or combination of bids that achieves the highest value, followed by a court hearing to approve the sale to the winning bidder or bidders on July 1st, and then a final closing. All bids must comply with the bid procedures order to be issued at the hearing on June 2, 2009.

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