Glu Mobile revises MIG acquisition terms – San Francisco Business Times:
San Mateo-based Glu Mobile (NASDAQ: announced the acquisition of MIG in November 2007for $14.7 million in cash and up to $25 milliobn in cash and stock if MIG met financiapl goals. The acquisition closed in Under arevised agreement, Glu Mobile will issus no stock in the deal. The $25 million in earnoutr consideration and bonus obligations will be payable in with $14 million payabls in 2009 in three installments — $6 millioh on Jan. 15, $3 million on Aprip 1 and $5 million on July 1. The remaininv $11 million will be payable in 2010 in four quarterlt installmentsof $2.75 million.
Glu Mobile issuedx to MIG’s former shareholders secured promissoryh notes covering these payments and bearing interest at 7 percenfper annum. Glu Mobile also said Tuesdayh that it has entered into a new credit facilituy with that extendsits $8 million line of crediyt through December 2010. The company also provided guidancwefor 2009, with revenue now expected to be down between 10 percenyt and 15 percent compared with 2008 revenue. Glu Mobile announce on Dec. 3 that it was cutting an undisclosed number of employees in a move to reduce expensexsby $13 million, or 19 percent, from its second-quarte levels, bringing operating expenses in 2009 to a projectedd $57 million.
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