Summary
Take-Two Interactive Software, Inc. (TTWO) filed an 8-K on November 27, 2002, reporting a significant asset acquisition. On November 19, 2002, the company completed the acquisition of all outstanding capital stock of Angel Studios, Inc. for a total consideration of $28.5 million in cash and 235,679 shares of restricted common stock. This acquisition marks a strategic move by Take-Two to bolster its portfolio. Angel Studios is known for its development capabilities, and the employment agreements with key personnel like Diego Angel indicate an intent to retain valuable talent and integrate their expertise into Take-Two's operations. The transaction was determined through arm's length negotiations, suggesting a fair valuation and an alignment of interests between the parties.
Key Highlights
- 1Acquisition of Angel Studios, Inc. completed on November 19, 2002.
- 2Total consideration for the acquisition: $28.5 million in cash and 235,679 shares of restricted common stock.
- 3The acquisition involved purchasing all outstanding capital stock of Angel Studios.
- 4Three-year employment agreements were entered into with key Angel Studios employees, including Diego Angel.
- 5The transaction was a result of arm's length negotiations.
- 6Consideration was funded by existing cash on hand and authorized but unissued common stock.
- 7The Stock Purchase Agreement is filed as an exhibit to the 8-K.