FUNimation to be Purchased by Navarre

The home entertainment/multimedia software company Navarre Corporation has revealed its plans to acquire FUNimation for $100,500,000 in cash and as many as 1,827,486 shares of Navarre common stock, with a possible $17 million cash bonus. FUNimation had sales totaling $81.6 million and $30.5 million in profit in 2003. It’s unknown what, if any, effect the buy-out will have on FUNimation’s standard operations. Navarre anticipates that the transaction will close before May 15, 2005.

Source: ArriveNet