News

Game claims buyout offer provides 'no certainty'

No guarantee of long term gain

Game claims buyout offer provides 'no certainty'
Despite a notable rise in the company's share price as talk of a possible buyout broke, Game itself has called for calm, claiming there's no guarantee any offers tabled will provide a solution to the company's woes.

The statement, released after news broke Comet owner OpCapita had offered to buyout the Game Group's lenders, confirmed a third party had "shown interest in providing additional funding for the company", but claimed it was anything but a done deal.

Sharing the news

"The third party is seeking a dialogue with the Group’s current lenders, however there is no certainty to the outcome," the company said in a statement.

"At the same time, the board remains in its own discussions with its current lenders as it continues to conduct a review of its business and assets.

"It is uncertain whether any of the solutions currently being explored by the board will be successful or will result in any value being attributed to the shares of the company."

MCV has since claimed US retailer Walmart, which is also believed to be interested in a buyout, has offered shareholders 12p per share, which would value the company at over £40 million.

Meanwhile, the site also reports OpCapita has warned it may have to lay off 1,000 jobs at electronics chain Comet – a 30 percent cut in the company's total workforce.

[source: Game]

With a fine eye for detail, Keith Andrew is fuelled by strong coffee, Kylie Minogue and the shapely curve of a san serif font.