Comet and Walmart battle for Game
Bidding begins
Walmart and Comet have emerged as bidders for troubled high street games retailer Game.
The US retail giant is rumoured to have offered 12p per share for the company, while Comet owner OpCapita is also believed to have expressed an interest in acquiring Game, MCV reports.
Paying 12p a share would value Game at £40m. But no matter which company eventually snags the retailer, it has a serious mission ahead to turn things around.
Game has faced a difficult times recently after a number of major publishers refused to take the risk of stocking the outlet with their releases. Game's shares subsequently dropped as low as 0.5p each.
The firm was then forced to put itself up for sale or face administration when its bank comes knocking for payments due in a couple of weeks' time.
Update
It was announced this morning that finance giant Goldman Sachs swooped to buy Game stock on 12 March, acquiring just over 13m shares. This entitles it to 3.78 per cent of Game's voting rights. Investment firm Blueshore Global took an eight per cent share yesterday. ®
COMMENTS
Reap what they sew
12p a share?
That'll learn them for offering me a £5 credit on a brand new sealed and unopened Skyrim that was a Christmas gift that I already had. (no receipt)
"Yes but your shares are now pre-owned and we can only sell them for 20p".
AC because of the pro-retail anti-nord trolls.
Re: Comet?
That was my first thought. Surely they've enough lossmaking retail space as it is...
pre-owned stuff is not ripping off devs
Or is buying a second-hand record from the 60's ripping off the Beatles too?
Re: Game Devs must be laughing
Yep the practice of re-selling things second hand must be stopped... it's a nasty business buying a second hand car (or even 3rd, 4th, or 5th hand car even) when we can all go and buy new cars.
We're all evil for buying pre-owned.
Yeah right... I don't buy that many games, I very rarely buy new games, but if I do it'll usually be a sequel to a game I've bought pre-owned that I really want (for instance I bought Uncharted pre-owned when I got my new PS3, then bought Uncharted 2 new on Plantinum and then pre-ordered Uncharted 3). However with EA being such arseholes about it, I doubt I'll buy another EA game new (not that I really like that many EA games, the only one I do like is Burnout Paradise and I got that free with my XBOX 360 in a bundle, the only other game I've bought from EA was Mirrors Edge and that was crap (well okay, I liked the idea of the game but the controls were crap).
Rob
