Titus merges with Interplay
Reports have surfaced that the French 3rd party publisher Titus, has purchased a controlling interest in Interplay. Recently investing a majority into the company, Titus has now pretty much taken Interplay under its wing. A possible name merger may appear soon, but details are sketchy at the moment. In addition to Interplay, Titus has been investing into Virgin Interactive as well. Leaping from their original 34% interest of Interplay, Titus now owns 51.52% of US Interplay Entertainment Corp. In more complex terms, Titus exchanged 336,070 convertible bonds with Interplay, which would benefit Titus with 6.68 million shares of Interplay stock (Nasd: IPLY).
"This purchase raises Titus Interactive voting rights and will enable, during the annual general meeting in September, a reelection of the board and a takeover of Interplay by Titus Interactive," a Titus rep stated.
We'll keep you up to date in case anything new surfaces.