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Sammy buys Sega
Topic Started: May 18 2004, 06:24 AM (48 Views)
Ayane
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Tsugi wa omae no ban da!
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Japan's Sammy to acquire Sega in $1.4 bln deal
Tue May 18, 2004 05:11 AM ET

By Yukari Iwatani Kane

TOKYO, May 18 (Reuters) - Japan's biggest maker of slot machines, Sammy Corp (6426.T: Quote, Profile, Research) , will acquire video game developer Sega Corp (7964.T: Quote, Profile, Research) in a stock deal worth $1.4 billion, the two companies said on Tuesday.

The acquisition, which values Sega at a 21 percent premium based on Reuters calculations, will allow Sammy to use Sega's strong brand and library of hit games, such as the popular Sonic series, to boost its presence in the arcade game market.

Sammy had already once failed to take over Sega last year.
The combined companies' annual sales will exceed 440 billion yen ($3.84 billion), overtaking rival Konami Corp (9766.T: Quote, Profile, Research) .
The two companies said they would create a new holding company, Sega Sammy Holdings Inc, of which Sammy will hold a 95.3 percent stake.
Each share of Sammy will be swapped for one share of Sega Sammy, while each share of Sega will be swapped for 0.28 share.

The two companies aim to close the deal on October 1 with Sammy Chief Executive Hajime Satomi heading the new company. The two firms' respective stocks will be withdrawn from the Tokyo Stock Exchange on September 27.

Shares of Sega closed up 1.01 percent at 1,000 yen and Sammy ended up 4.84 percent at 4,330 yen ahead of the announcement. The Nikkei stock average rose 1.96 percent.

The news follows Satomi's appointment as Sega chairman in February. Sammy acquired 22.4 percent of Sega last December in a move that was seen as the first step in taking a controlling stake.

Merger talks between the two companies broke down once last year due to disagreements over management style and other terms of the integration.

Satomi told Reuters in March that he was targeting a profit of $1 billion between Sammy and Sega in the 2005/06 business year.
Sega on Tuesday afternoon reported an annual net profit that nearly tripled on the back of strong performances by its arcade business but forecast lower earnings this year.

Sammy earlier this month reported a 40 percent increase in annual net profit on a 52 percent rise in sales. It forecast a higher net profit for the current business year. ($1=114.45 yen)
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AshCrimson
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i think this is good news... this means more sega games in the future... cuz 2004 was a total drought of SEGA made games....
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BT47
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- Merging gaming companies together is the new thing, huh?
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