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Prospective buyer of The Pirate Bay gets delisted
- — 10 September, 2009 02:09
Global Gaming Factory X (GGF), which is trying to buy the file-sharing site The Pirate Bay, has been delisted from the Swedish stock exchange AktieTorget, putting the acquisition plans in jeopardy.
The delisting will be carried out immediately, the stock exchange said on Wednesday.
After a meeting with the company on Aug. 26, AktieTorget concluded that GGF lacks the ability to inform its stockholders about the proposed deal in a correct, relevant and credible way, it said then. AktieTorget's disciplinary committee then took a closer look at GGF and the result of its report led to the delisting.
GGF infractions have been "grave," according to a statement from AktieTorget. The infractions are, for example, related to the way it has informed the market about the funding of The Pirate Bay acquisition and negotiations with a global company regarding music rights.
The board of the stock exchange also says it apologizes for the way company has misled the market.
AktieTorget first halted trading in GGF's shares on Aug. 21.
What will happen to the acquisition of The Pirate Bay remains to be seen. But GGF CEO Hans Pandeya still put on a brave face, and has said that the deal won't be affected, according to Swedish daily Svenska Dagbladet.
GGF is supposed to pay 60 million Swedish kronor ($US8.52 million) in cash for The Pirate Bay.