Mad Catz Completes Saitek Purchase

Nov 21 2007, 10:02am CST | by Shane McGlaun

Mad Catz announced today that it has completed its acquisition of Saitek, the well-known PC gaming peripheral manufacturer. Mad Catz had previously announced it intended to buy Saitek for $30 million USD.

That acquisition has now been completed and Mad Catz says it expects the acquisition to be accretive to its fiscal 2008 earnings. The $30 million purchase was made with $15.5 million in cash on hand and $14.5 million in convertible notes.

These notes have a 7.5% interest rate payable at maturity and are convertible into shares of Mad Catz interactive at $1.42 per share, which is a 15% premium over what shares of company stock are trading for now.

Via Mad Catz

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Shane McGlaun
Leading our review center, Shane knows technology inside out. His extensive experience in testing computer hardware and consumer electronics enable him to effectively qualify new products and trends. If you want us review your product, please contact Shane.
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