Liberty Takeover Imminent at Fun
By Andrew B
Fun Technologies shareholders have voted unanimously in favour of a takeover bid for the Canadian-based online gaming company by American cable and Internet company Liberty Media.

Fun Technologies, a skill gaming service, was created in June 2002 by two of the cofounders of CryptoLogic a leading supplier of online casino software..

The deal between Liberty and Fun was valued at US$195 million when it was announced from London on November 22. Under the multi-stage deal, Liberty will invest $50 million US in Fun by purchasing 10.5 million of its common shares directly from its treasury.

In the second part of the deal, Liberty will issue a tender offer to buy 23.2 million existing shares at 360 pence to take its total ownership in a recapitalized Fun to 51 per cent.

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