Just happened upon this and thought it may clarify ownership as of May:
GRAND VIRTUAL TAKE OVERR
7 May 2004 by InfopowaTaiwanese group paid $32,5 million
The deal of the week was probably the takeover of turnkey provider Grand Virtual by the Taiwanese Gigi Media Limited group.
Cambridge, Massachusetts -based Grand Virtual was acquired by Taipei, Taiwan-based GigaMedia Ltd. in an all-cash transaction of $32.5 million, funded from Giga’s working capital.
Grand Virtual could not answer our question as to who the main benefactors of this windfall would be, but it is assumed that CEO Bob Cahill will be among them. He remains in office.
“GV was a private company prior to our acquisition. We are a Nasdaq company and all disclosure is regulated by the SEC and by Nasdaq rules. At this time we have not provided additional details about the GV transaction, so I am limited in what information I can share with you. In accordance with regulation FD (fair disclosure), we must provide all parties with the same information,” investment director Brad Miller told us.
Miller said that the companys licensee list was “confidential” and that it was unlikely to change as a result of the deal. GV’s typical gambling suite has around 16 no-download games, and offers licensees a choice of sixteen language versions.
The company, which has some 40 employees, will keep its Cambridge office, where very few changes are envisaged. The company will likely maintain its IGC membership.
GigaMedia says the Grand Virtual acquisition will be beneficial to the company’s cash flows and earnings and strengthens the company’s diversified entertainment product portfolio.
The group, headed by CEO Arthur Wang (42) operates Taiwan’s two largest music store chains, Rose Records and Tachung Records through its subsidiary G-Music. The Company also operates a major Taiwanese broadband ISP, providing Internet access service and broadband content with multiple delivery technologies.
The company offers interactive Chinese-language multimedia Web sites through its Web destination Gigi Gaga.com. GigaMedia also provides broadband services to corporate subscribers in Taiwan through its subsidiary Koos Broadband Telecom Limited. Strategic investors of GigaMedia include the Koos Group, a major participant in Taiwan’s manufacturing, finance, telecommunications, media, and cable industries.
Giga has had a turbulent year with a NT$ 481.4 million net loss and changes of Board members, CFO and CEO.