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Acer extends Gateway acquisition offer to Oct. 10

Posted: 04 Oct 2007     Print Version  Bookmark and Share

Keywords:buyout offer  Acer-Gateway deal  merger 

Taiwan's Acer announced Tuesday it was extending to Oct. 10 its offer for U.S.-based PC vendor Gateway, in order to provide U.S. authorities time to complete their review of the deal.

This is according to a report from the Financial Times, which stated that Acer's Rs.2,871.83 ($710 million) buyout plan of Gateway is one of the first large cross-border transactions to be examined by the Committee on Foreign Investment after legal adjustments to the inter-agency panel's powers.

The Taiwan PC vendor disclosed that 80.68 per cent of Gateway's shares had been tendered as of the original deadline of October 1, taking it beyond the minimum 70 per cent required to allow the deal to go forward.

This development will make Acer's planned acquisition of Europe's Packard-Bell a near certainty, according to sources close to Acer, and may kill chances of rival Lenovo's bid for the European company.

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