Hilco and OpCapita linked to GAME acquisition

As stated by MCV yesterday, the widespread belief that GameStop will swoop to acquire part or all of GAME could yet prove wide of the mark.

Although GameStop can still confidently be regarded as the front-runner, The Financial Times has named two other would-be suitors – Hilco and OpCapita.

Hilco is a retail restructuring company and is reportedly looking at GAME’s international assets including its Spanish and Australian stores. The UK business is not said to be of interest to the firm.

Closer to home, OpCapita is said to be eying up GAME’s UK assets. The company should be known to the games industry following its acquisition of Comet last year for the princely sum of 2.

The potential synergy” between Comet and GAME is said to be the basis of its appeal, though the obvious question to ask is whether that could potentially see an OpCapita acquired GAME moving away from purely video games sales.

Financial firm Rothschild, which was originally tasked with finding a buyer for GAME’s international operations, is currently involved in efforts to sell the whole company.

What all potential buyers will be aware of, however, is GAME’s tumbling share price. Any buyer will want to ait until the company is worth as little as possible before making a move.

Having fallen to just 0.5p yesterday, GAME’s shares are currently trading for 1.2p.

The most likely outcome at this stage is a purchase post-administration, which could possibly occur as early as this week. This leaves staff in a nervous situation – though an acquisition of some sort is very likely, there are no guarantees concerning which company assets will be saved and which will be ditched. Gamestation seems particularly vulnerable.

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