After reports that majority shareholder Infogrames is bringing in former Sony Computer Entertainment executive Phil Harrison — and he would probably clean house — Atari let consumers know late Thursday that Infogrames has also offered to buy back all outstanding shares of Atari stock for $1.68, taking the company private and avoiding what could be a potentially embarrassing NASDAQ delisting.
In a statement, Atari said they received a “non-binding expression of intent to acquire the outstanding common stock of Atari, Inc. not owned by IESA (Infogrames Entertainment S.A.) and its affiliates.”
“A Special Committee of Atari, Inc.’s Board of Directors intends to undertake, together with its advisors, a thorough evaluation of the proposal,” the company said Thursday.
Atari needs a boost badly, and Harrison may be able to work some magic. The company has had several years of poor and poorly selling games — the abundence of poor games has lead to poor sales for their better games — and recently announced they would halt game production and focus on distributing and marketing their parent company’s titles.