MLG is a name well known in the world of competitive gaming, but the the way we know MLG may be changing soon.
Back on December 21st MLG’s Board of Directors approved an Asset Purchase Agreement signing over the majority of MLG’s assets to Activision Blizzard for $46 million. The deal was completed with “corporate action taken without a stockholders’ meeting by less than unanimous written consent of our stockholders,” but this is allowed under a section of the law.
However, there are some stockholders who were not involved with this deal at all, and they’re not happy. One, who wanted to remain anonymous, said ““I got fucked on stock,” . Some people are speculating that the money produced from the sale will go to paying back MLG’s debts, which amount to $6 million.
As well as all this CEO Sundance DiGiovanni was removed from his role and replaced by Greg Chisholm, former CFO of MLG.
It’s safe to say that MLG as well know it may well be over, but it certainly will be interesting to see where MLG gets taken now.