Video game publisher Atari Inc. said Wednesday it needs more time to respond to shareholder Infogrames Entertainment SA's offer to buy out the company's stock it does not already own.
The deadline to respond to the offer was Wednesday. Atari's shares tumbled 54 cents, or 34.4 percent, to $1.03 in after-hours trading following the announcement. They earlier finished regular trading down a penny at $1.57.
Infogrames, which owns roughly 52 percent of Atari's shares, has offered to buy the rest for $1.68 each.
Atari also said it has hired Duff & Phelps LLC to help evaluate the offer.
Atari shares have ranged from 86 cents to $4.71 over the past year.
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