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Technology Stocks : GTIS - Will it be a Phoenix or not ? -- Ignore unavailable to you. Want to Upgrade?

To: John Finley who wrote (2286)	11/15/1999 3:58:00 PM
From: Scot	Read Replies (1) \| Respond to of 2319

Get out zee cheese! Scott M. posted this on Yahoo: messages.yahoo.com INFOGRAMES COMPLETES GTI TAKE-OVER As exclusively predicted by MCV two weeks ago, Infogrames has become the new majority shareholder of GT Interactive. There are no official details at present but it is understood that an announcement will be made at the InterContinental Hotel in Paris on Tuesday morning (November 15th). It will be presented by Infogrames' flamboyant CEO Bruno Bonnell and GTI's CEO Thomas Heymann, who was brought into the company from Disney in February to help secure its future after a rocky period. Initially, it is expected that the two companies will trade autonomously, with GTI remaining as a separate entity on the NASDAQ. Full details on the consolidation of the two companies are expected by the end of the year, when the deal will have been ratified by shareholders. The swoop for GTI proves how serious Infogrames is about increasing its global strength and raising its profile across the Atlantic. US publishing veteran Accolade and UK outfit Gremlin Interactive were both bought earlier this year, amongst a series of aggressive moves, but this is by far the French super-publisher's biggest deal to date. Infogrames has beaten off interest from Hasbro, Microsoft, Acclaim and finance outfit Blackstone to secure an agreement which creates a hugely powerful force. Infogrames recorded global sales of $327.5m in its full-year ended June 30th, whilst GTI's full-year sales to the end of March topped $570m. GTI's sales for its first fiscal quarter ending June 30th were a massive $121m. Infogrames will add to its roster a portfolio of companies which includes Newcastle-based Reflections (maker of the huge-selling Driver), Cavedog (Total Annihilation), Oddworld (Abe's Oddysee), Singletrac (Twisted Metal) and one of the largest software distribution operations in the US. For more exclusive news about GTI Interactive and Infogrames, read MCV this Friday.