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Struggling financially, Heroic Group receives a cash offer

Posted : 16 May 2023
The publicly traded Norwegian esports organization Heroic Group has revealed that Krow Bidco AS has made a cash bid to buy out all of the company's outstanding shares.
 
Heroic's Board of Directors unanimously advised that shareholders accept Krow Bidco AS's offer to purchase the shares for NOK 2.0 (about £0.15) per share.
 
All of Heroic Group's shares would presently be sold for NOK 55.9m (£4.2m; $5.26m), based on a NOK 2.0 share price.
 
If Krow Bidco enters into share purchase agreements to buy 75% of all outstanding shares in the firm, the share acquisition deal will proceed.
 
Members of Heroic's Board and top management, who collectively own over 42% of the company's shares, have already signed conditional share purchase agreements with the business.
 
The announcement comes as Heroic Group is struggling financially and is frantically trying to raise money to stay afloat.
 
The esports group, however, stated that it would require at least NOK 80 million (£6.2 million) through 2025, with NOK 10 million required before the summer of 2023.

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