Midway To Sell Shares

Officials from Midway Games have announced that the company is to sell 11.35 million shares at $7.25 each in a stock offer, raising $82.3 million. The sale is expected to be completed by April 14 with the proceeds being used for general corporate purposes including for working capital, financing capital expenditures, research and development, marketing and distribution. The company also indicated that if opportunities arose, it may use the funds for acquisitions or strategic alliances. Source: iWon