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Navarre Acquires Funimation Date: 5/11/2005 |
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Deal Concludes -------------------------------------------------------------------------------- A press release has been sent out stting that Navarre has completed its acquisition of Funimation. The deal was concluded for $100,400,000 in cash and 1,827,486 shares of unregistered Navarre common stock. At today's closing value ($8.35, down .03 from yesterday), the Navarre stock is worth $15,259,508, bringing the immediate value of the acquisition to $115,659,508. Additionally the sellers of Funimation could receive up to $17,000,000 in cash to be paid over five-years if FUNimation achieves certain agreed-upon financial targets during that period. This brings the total value of the deal down from $127 million to $150 million that was initially stated in Navarre's January 10th press release. Navarre financed the purchase using a $165 million line of credit secured with GE Commercial Finance. |
| Source: Anime News Network |
