ruby
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Aug 6, 2005, 8:14 PM
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Midway Acquires Ratbag Holdings
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Midway Games has acquired Ratbag Holdings, a game development studio based in Adelaide, South Australia. Midway acquired the privately-held developer in a primarily stock transaction for 418,570 Midway shares. The studio is currently working on several unannounced Midway products for both current- and next-generation systems. The studio will be renamed Midway Studios - Australia.
Based in Adelaide, South Australia, Ratbag is an innovative developer of high-quality interactive entertainment products. Established in 1994, Ratbag's first title, Powerslide, was released in 1998 to critical and commercial success. The studio has grown into one of the world's premier racing game developers.
In addition to shares issued as consideration for the acquisition of
Ratbag, rights to acquire a total of 38,050 shares of Midway common
stock were issued to key Ratbag employees as retention incentives. The
rights to acquire the stock will vest in stages over a period of three
years, provided the employee remains at the Company. Ratbag employees
who received the rights were: Tony Albrecht, Karl Burdack, Cam Dunn,
Kim Forrest, Franta Fulin, Adam Mackay-Smith, Robin Maddock, Andrew
Medlin, Sadhana Pereira, and David Todd.
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