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GME

GameStop

$5.18

-0.135 (-2.54%)

08:03
07/11/19
07/11
08:03
07/11/19
08:03

GameStop announces preliminary results of modified Dutch auction tender offer

GameStop announced the preliminary results of its "modified Dutch auction" tender offer to purchase up to 12,000,000 shares of its Class A common stock, par value $0.001 per share. The tender offer expired at 5:00 p.m., New York City time, on July 10, 2019. In accordance with the terms and conditions of the tender offer and based on the preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, GameStop expects to accept for payment, at a purchase price of $5.20, a total of 12,000,000 shares properly tendered at the purchase price and not properly withdrawn before the expiration date, at an aggregate cost of approximately $62,400,000, excluding fees and expenses relating to the tender offer. GameStop expects to accept the shares on a pro rata basis, except for tenders of "odd lots," which will be accepted in full and conditional tenders that will automatically be regarded as withdrawn because the condition of the tender has not been met, and has been informed by the depositary that the preliminary proration factor for the tender offer is approximately 41.3%. The shares expected to be purchased represent approximately 11.72% of GameStop's Class A common stock issued and outstanding as of July 10, 2019.

  • 19

    Jul

GME GameStop
$5.18

-0.135 (-2.54%)

06/05/19
BARD
06/05/19
NO CHANGE
Target $6
BARD
Neutral
Baird cuts GameStop target to $6 from $11 after 'double whammy' Q1
Baird analyst Colin Sebastian lowered his price target for GameStop to $6 from $11 saying the company reported sales below expectations in Q1 due to continued weakening of used product sales and "somewhat cyclical" hardware declines. Further, the elimination of GameStop's dividend will likely further negative sentiment and narrow the potential shareholder base, Sebastian tells investors in a post-earnings research note titled "Dividend Elimination, Pre-Owned Weakness a Double Whammy." He believes the company's new management "faces an uphill battle" and keeps a Neutral rating on GameStop shares. The stock in premarket trading is down 27%, or $2.11, to $5.71.
06/05/19
LOOP
06/05/19
NO CHANGE
Target $7
LOOP
Hold
GameStop price target lowered to $7 from $8 at Loop Capital
Loop Capital analyst Anthony Chukumba lowered his price target on GameStop to $7 and kept his Hold rating after its "weak" Q1 results that showed sales declines in the company's "crucial" new video game hardware, software, and pre-owned game product categories. The analyst adds that GameStop's deteriorating profitability and eliminated dividend payout signal the management's lost confidence in the company's ability to generate cash flows.
06/05/19
BNCH
06/05/19
NO CHANGE
Target $5
BNCH
Sell
Benchmark cuts GameStop price target to $5 as business 'burns to the ground'
Benchmark analyst Mike Hickey reiterated his Sell rating on GameStop shares following the company's "disappointing" Q1 sales performance, reiteration of its "dismal" FY19 forecast and elimination of its quarterly cash dividend. He also reduced his price target on the stock from $9 to $5 "as business burns to the ground," telling investors that he sees the company having "little value" amid the industry's on-going transition to the digital economy.
06/05/19
ASCN
06/05/19
DOWNGRADE
ASCN
Hold
GameStop downgraded to Hold from Buy at Ascendiant
Ascendiant analyst Edward Woo downgraded GameStop to Hold from Buy following the company's weak Q1 revenue and FY19 guidance, citing increased concerns about the "digital threat."

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