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- The GameStop board of directors said Tuesday that the company was no longer for sale.
- Shares crashed more than 27% after the announcement.
- Watch the GameStop trade live.
GameStop was down more than 27% Tuesday after its board of directors ended the sale of the company. The sale of shares pushed stocks to $ 11.16, the record high for the last time in April 2005.
"In June 2018, the GameStops Board, together with external financial and legal advisors, began examining a wide range of alternatives to increase shareholder value," said a statement. published on Tuesday.
"The board has embarked on a comprehensive review process, including discussions with third parties regarding a possible sale of the company." GameStops' Board of Directors has now halted its efforts to sell of the company due to lack of available financing on commercial terms a potential acquirer. "
The board also indicated that he was pursuing his search for a full-time CEO. Shane Kim was appointed interim CEO in May. He has been a member of the board of directors since July 2011.
GameStop shares lost 11%, this year including Tuesday's losses.
The video game retailer is expected to release its fourth quarter results on March 27.
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