Wed, Aug 12, 2009 | 18:28 BST
Midway France and UK branches sold for 86 pence
A filing with the US Securities and Exchange Commission has revealed that Midway’s managing director for Europe, Martin Spiess, has purchased Midway’s France and UK offices for €1/86 pence.
Midway UK and France are now owned by Spiess Media Holding UG and Midway’s European teams now have 90 days to sell the rest of the Midway stock they are holding.
Basically a management buyout, Midway Germany’s general manager Uwe Fürstenberg has purchased his end as well.
A clause in the agreement says the offices must drop the Midway name immediately.
Loads more financial and legal stuff regarding this are over on MCV.