Business Services Industry
EMachines Joins Rival Gateway in Deal Valued at $266 Million.
Knight Ridder/Tribune Business News, January, 2004
By Tamara Chuang, The Orange County Register, Calif. Knight Ridder/Tribune Business News
Jan. 31--IRVINE, Calif. -- EMachines Inc. shocked the computer world Friday by agreeing to be acquired by rival Gateway Inc. of Poway.
Details of the sale, valued at about $266 million, still are being hammered out and should be final by the end of March.
Wayne Inouye, 51, eMachines' chief executive officer, will become Gateway's CEO. Ted Waitt, 40, Gateway's founder and CEO, will remain as chairman.
Gateway will pay $30 million cash and 50 million shares of its stock, which closed Friday at $4.72, up 15 percent for the day but down 9 percent from two years ago.
Inouye, a Best Buy Co. alum who left chilly Minnesota three years ago...
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