Irata LLC reached an agreement to acquire remaining approximately 78.63% stake in Atari SA (ENXTPA:ALATA) for Ç56.7 million on September 25, 2022. The offer price is Ç0.19 cash per share. Prior to this transaction, Irata holds approximately 21.37% of the share capital in Atari. The Offer will be financed by Irata's own resources without recourse to external financing. The Offer is not expected to have any impact on the workforce nor on the governance of Atari.
The Offer will not be subject to any regulatory or other condition. AtariÆs Board of Directors favorably and unanimously approved the transaction. Pursuant to AMF General Regulations, the Offer will not succeed in the event that Irata does not hold, at the closing of the Offer, alone or in concert a number of AtariÆs shares representing more than 50% of the share capital. The Board set up an ad hoc committee composed of a majority of independent members to oversee the work of an independent expert and to make recommendations regarding the Offer. Irata does not intend to implement a mandatory squeeze-out on AtariÆs shares following the closing of the Offer, nor to request their delisting.
Thomas Hachette of Sorgem Evaluation represented was appointed as independent expert by Atari to issue a fairness opinion on the financial terms of the Offer.