Funco announced Thursday that it received a written, unsolicited proposal from the chief executive office of Babbage's that states that Babbage's is prepared to make an offer to acquire Funco for US$135 million in cash or a combination of cash and stock in Barnes & Noble, the parent company of Babbage's. Funco would have the option to choose either plan. Funco revealed that its board of directors intends to meet to discuss Babbage's proposal.
The announcement of Babbage's interest in Funco comes just two days after Electronics Boutique and Funco announced a merger intention that would likely result in EB's acquisition of Funco. The offer from Electronics Boutique for the purchase of Funco was approximately $110 million.
Look for further updates on this story in the coming days.
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