Gateway Offered $450 Mln for Retail Biz

By Geoff Duncan Published August 23, 2006

eMachine’s founder—and number two Gateway shareholder—Lap Shun “John” Hui has made an unsolicited offer of $450 million for computer maker Gateway‘s retail operations. Hui sold budget PC maker eMachines to Gateway back in 2004 for $290 million; Hui current owns Joui International, which develops office products.

HUi has previously expressed the opinion that Gateway should be taken private, and in a letter to Gateway chair Rick Snyder quoted by the Associated Press, Hui lamented the board has not responded to an earlier proposal made on August 3. “Gateway’s stock price has continued to decline and the failure to name a replacement CEO for over six months has left Gateway in a position where it is unable to clearly and credibly articulate its strategic direction to the market,” wrote Hui. Hui also indicated he’d consider purchasing all Gateway shares and separating out the retail business himself, if that would be easier for the board to support.

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Ironically, Hui’s offer sent Gateway shares up over 25 percent in early trading today, breaking the whopping $2 barrier.

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