News
Advantage MGA?
Ronnie Dungan Jul 31 2006, 10:45am
MGA may have moved into pole position in the race for control of Zapf Creation, after rival bidder Bandai’s offer failed to win over shareholders.
Bandai said in a financial advertisement published today that holders of 49,111 Zapf shares had accepted its offer of €10.50 per share by July 28th. This would translate into a stake of only 0.55 per cent of Zapf's share capital, some way short of the 75 per cent it was aiming for.
The firm had offered €10.50 per share, in a deal worth up to €84 million.
It will now be forced to either up its offer or pull out of the race.
Bandai is facing competition from MGA Entertainment, which recently bought around 19 per cent in the firm and said last week it intended to raise its stake.
