Atari Inc, Kicked from NASDAQ

After all the warnings and red flags, NASDAQ finally had enough of Atari. Starting May 9th, NASDAQ will suspend any sort of trading of Atari’s shares. Full press release below:

Atari, Inc. (Nasdaq: ATAR), an interactive entertainment company, announced today that on May 7, 2008 it received a letter from The Nasdaq Stock Market stating that a Nasdaq Listing Qualifications Panel has determined to delist Atari, Inc.’s securities from the Nasdaq Global Market and will suspend trading of Atari, Inc.’s shares effective on the opening of business on May 9, 2008. Atari, Inc. plans to request a review from the Nasdaq Listing and Hearing Review Council, which could alter or dismiss the Panel’s determination. However, such a request will not delay the suspension of trading. Atari, Inc. now expects to be quoted on the Pink Sheets, an electronic quotation service maintained by Pink Sheets LLC. The Pink Sheets allow continued trading of securities of delisted companies. Atari, Inc. expects its common stock to be traded on the Pink Sheets under the symbol “ATAR” or “ATAR.PK”. Atari, Inc.’s common stock may also be quoted on the OTC Bulletin Board(R), a regulated quotation service for over-the-counter securities, provided one or more market makers apply to quote Atari, Inc.’s securities.

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Take-Two Tells Shareholders to Hold Off, Final Decision in 10 days

Take-Two Interactive has urged shareholders to take no action following Electronic Arts’ official tender for all outstanding shares of common stock of the company.

“Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Take-Two’s Board will review and consider EA’s offer, and within 10 business days, will advise Take-Two’s stockholders of the Board’s position regarding the offer as well as its reasons for that position,” said the company in a statement.

by GamesIndustry.biz

EA wants to forcefully buy Take Two

The EA-wants-buy-Take-Two fairy tale (if you can call it that) has now taken another twist, EA is offering a tender for all of outstanding shares of common stock of Take-Two. The company is offering USD 26 per share in cash, and is valued at approximately USD 2 billion – a 64 per cent premium of Take-Two’s stock price on February 15, the last day of trading before EA made its revised bid to acquire the company, reports GameIndustry.biz.

“This is a great opportunity for Take-Two shareholders,” commented John Riccitiello, CEO of EA. “We believe Take-Two investors will see our tender offer as the best way to maximise the value of their investment in Take-Two.

All this after Take-Two formed a severance plan and got sued by it’s shareholders that and the tiny newsbit that predicts GTA IV will sell 9m copies…

by GamesIndustry.biz

Midway Loses $97.4 million in 2007

Midway Games Inc. (NYSE: MWY) today announced results of operations for the fourth quarter and full year ended December 31, 2007. The Company also provided guidance for the quarter ending March 31, 2008. Net revenues for the 2007 fourth quarter were $77.6 million, compared to the 2006 fourth quarter net revenues of $96.9 million. The 2007 fourth quarter loss applicable to common stock was $29.7 million, or a loss of $0.33 per basic and diluted share, compared with a 2006 fourth quarter loss applicable to common stock of $2.0 million, or a loss of $0.02 per basic and diluted share.

On a non-GAAP basis, excluding the impact of stock-option expenses and certain non-cash items, the 2007 fourth quarter loss was $23.0 million or a loss of $0.25 per basic and diluted share. For the 2006 fourth quarter, on a non-GAAP basis, the Company had a loss of $0.3 million, or a loss of $0.00 per basic and diluted share. A reconciliation of non-GAAP results to GAAP results is provided at the end of this press release.

Full press release after the break. Read more