American publisher Atari has announced the hiring of Duff & Phelps, LLC, a financial advisor it will use to evaluate parent company Infogrames's recent offer to acquire all outstanding stock, as it seeks an extension on the proposal.
After years of troubled results, which saw the company selling of many of its most prominent intellectual properties and internal studios, Infogrames has taken a new interest in rejuvenating the Atari brand since the appointment of new CEO David Gardner
, and the recent hiring of ex-Sony head Phil Harrison
Infogrames intends to acquire all outstanding common stock
which it or its affiliates does not already own for a per share cash amount of $1.68, in an attempt to unite the company under David Gardner and Phil Harrison's leadership.
Atari has said that it has informed Infogrames that "it would not be in a position to respond to the offer by the date of March 11, 2008, as requested by [Infogrames] in its letter containing the proposal. The Special Committee intends, together with its advisors, to thoroughly evaluate [Infogrames]'s proposal before providing any response."