Glu ‘formally’ joins forces with Superscape

Glu Mobile Inc. moved one step closer to acquiring its U.K.-based rival Superscape Group plc.
Glu said it obtained commitments for roughly 81% of the issued shares of Superscape, which claims 135 employees in San Clemente, Calif. and the British town of Fleet. The proposed acquisition values Superscape at $36 million, or $25 million after consideration of $11 million in cash and equivalents held on Superscape’s balance sheet at the end of October.
“We’re delighted to have declared the tender offer unconditional and to have formally joined forces with Superscape and its talented management and employees,” Glu CEO Greg Ballard said. “We’re excited to move forward.”
The offer remains on the table until March 21, Glu said, and the company expects commitments to continue “over the next few weeks.” The San Mateo, Calif.-based publisher said if it gets 90% of issued share capital it will automatically acquire Superscape’s remaining shares under the same terms.