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VGLN.com >> Business News >> article

Sammy buys out Sega
by Kit

Wednesday, May 19 2004

$1.4 billion deal will give Sammy control of Sega.

Looks like Sammy is looking for fully buy Sega out in a deal worth about $1.4 billion. Sammy who owns a 22.4 percent stake in Sega Corp. annnounced the deal this morning in Japan.

The deal, expected to be made official on October 1, represents a 21.0 percent premium paid by Sammy. A new holding company will be formed, dubbed Sega Sammy Holdings Inc., in which Sammy shareholders will have a 72.0 percent stake. Each share of Sega will be exchanged for 0.28 in the new company, while Sammy shares will be swapped at a one-to-one ratio.

Current Sega and Sammy stocks will be removed from the Tokyo Stock Exchange on September 27.

--- Kit

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