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Gateway receives ~$450 million offer for retail unit
Lap Shun Hui, owner of Joui International and the former owner of eMachines, said on Tuesday he has submitted a bid to buy the retail operations of computer maker Gateway for $450 million. In a letter to Gateway's board, Hui also said he would be willing to explore buying all outstanding shares in the whole company.
The offer for the retail operations was first submitted on Aug. 3, but Gateway did not "constructively engage in discussions" with Hui and his advisers, the letter said. Hui's cash-free, debt-free proposal to buy the Gateway retail operations represents the equivalent of $1.21 per share, based on 372.2 million shares outstanding, he said in the letter. Shares of Gateway closed at $1.72 on Tuesday on the New York Stock Exchange, up 12.4 percent.
Posted by | Wed, Aug 23, 2006 - 06:36 AM
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