THQ sale to Clearlake Capital Group ended up getting blocked and none of the other rumored buyers are willing to purchase THQ like CCG was. Also means THQ is currently out of the $60 million they would have received had the deal been approved.
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How did this happen? Well, according to Businessweek, a US trustee and a few THQ investors/creditors raised an object to the deal because the window given to place their bids on their desired assists was too short. So they took the case to court and they won. As a result, the sale is blocked (for now) and the bidding window has been increased by three weeks. However, judge Mary F. Walrath also ruled that there will be a second hearing on Monday and said, "In the meantime I think the parties need to talk."
In related news, Distressed Debt Investing reported (via a series of tweets) that Centerview Partners banker Sam Greene has testified that there are five buyers currently going through the proper due diligence to potentially buy the publisher’s rights to various franchises. One of the buyers is reported to be Warner Bros.
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