FUN Technologies Inc.
TSX : FUN
AIM : FUN

FUN Technologies Inc.

November 08, 2007 18:58 ET

Liberty Media Corporation to Acquire FUN Technologies Inc. for GBP 1.75 per Share

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2007) - FUN Technologies Inc. ("FUN") (TSX:FUN)(AIM:FUN) today announced that, further to its press release dated October 5, 2007, it has now entered into a definitive arrangement agreement with Liberty Media Corporation ("Liberty") pursuant to which Liberty will indirectly acquire all of the outstanding common shares of FUN at a price per share of GBP 1.75 payable in cash (without interest). Under the agreement, registered FUN shareholders with Canadian addresses reflected on FUN's stock ledger will receive the Canadian dollar equivalent of such consideration based on the exchange rate in effect at the close of business on the second business day prior to the completion of the transaction.

The Board of Directors of FUN (with interested directors abstaining from voting) has unanimously approved the transaction and has unanimously determined to recommend that FUN shareholders vote in favour of the transaction.

The transaction will proceed by way of a statutory Plan of Arrangement that must be approved by court order and two-thirds of the votes cast at a special meeting of FUN shareholders. The transaction must also be approved by a majority of votes cast by FUN's shareholders, other than Liberty and its affiliates. Completion of the transaction will be conditional upon, among other things, obtaining the requisite shareholder and court approvals. Upon completion of the transaction, FUN would become an indirect wholly-owned subsidiary of Liberty.

The proposed transaction is expected to be completed in late December, following receipt of shareholder and court approvals. There can be no assurance that the transaction will be completed on the terms described above or at all. FUN expects to send a proxy circular relating to the transaction to shareholders in or around the end of November. A copy of the arrangement agreement will be filed with the Canadian securities regulators and will be available at www.sedar.com.

Forward Looking Statements

This press release contains forward-looking statements regarding, among other things, FUN's beliefs, plans, objectives, strategies, estimates, intentions and expectations. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "believe", "potential", "expect", "estimate", "would", "could", "intend", "will", "if" and "may". These forward-looking statements are based on a number of assumptions which may prove to be incorrect, involve certain risks and uncertainties that are difficult to predict and, accordingly, are not guarantees of future performance. Future developments may differ materially from those expressed in the forward-looking statements contained in this press release, due to, among other factors, the risks and uncertainties inherent in the business and operations of FUN and the risk factors set out in the "Risk Factors" section of FUN's 2006 Annual Information Form and in other documents published or filed by, or on behalf of, FUN from time to time with the Canadian securities regulatory authorities. Other than as required by law, FUN undertakes no obligation to publicly update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.

About FUN Technologies

FUN Technologies Inc. is one of the world's leading providers of online and interactive casual and fantasy sports games and sports information. FUN is 53% owned by Liberty Media Corporation (NASDAQ:LINTA)(NASDAQ:LCAPA), and FUN's common shares are listed on both the Toronto Stock Exchange and the AIM Market of the London Stock Exchange under the symbol "FUN."

Contact Information

  • FUN Technologies
    Alison Rynak
    Vice President, Corporate Communications
    (617) 614-3734
    Email: arynak@funtechnologies.com
    or
    FUN Technologies
    William T. Brock
    Chair of Special Committee
    (416) 982-8168
    Email: brockw@td.com