Online and casual publisher FUN Technologies, parent group of the Skilljam and Worldwinner sites, has announced that it has reached a non-binding agreement with Liberty Media Corporation under which Liberty will indirectly acquire all of the outstanding common shares of FUN that it doesn't already own.
Liberty currently indirectly owns approximately 53% of the outstanding FUN common shares. The remaining shares will be acquired by Liberty at a price per share of GBP 1.75 ($3.56) payable in cash. The terms of the agreement in principle were negotiated between Liberty and a special committee of FUN's Board of Directors.
Neither of the companies provided definitive assurance that the transaction will be completed at those terms or at all, and risks include settling on an acceptable form of arrangement agreement.
FUN Technologies announced its second quarter results
in July, showing sales up 68% to $16.9 million, but quarterly losses of $7.6 million, down from $8.8 million the year prior.
Sales for its games division accounted for $10.4 million of the $16.9 total, up 82 percent over 2006, and up $1.2 million over its first quarter.