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Ubi Soft Going For 3DO's 'Might and Magic'

by Rainier on Aug. 8, 2003 @ 7:35 p.m. PDT

Ubi Soft Entertainment UBIP.PA has been designated the lead bidder for bankrupt game publisher 3DO Co.'s "Might and Magic" assets, according to papers posted on Friday. The agreement with Ubi Soft, one of seven companies to qualify by Wednesday's deadline as bidders for 3DO's properties, was posted on 3DO's bankruptcy Web site and listed a purchase price of $1.3 million for the assets (thanks HLF). Read more for details ...

Under the terms of the sale procedures set by the Bankruptcy Court in San Francisco, 3DO was required by Friday to post any lead bids on its Web site. Bidders were able to make offers on various game asset groups or on 3DO's assets as a whole.

The "Might and Magic" and "Heroes of Might and Magic" games have a long history on the PC, where they have been consistently popular with fans of fantasy games and other genres.

3DO filed for Chapter 11 bankruptcy protection on May 28 and said it would seek to sell its assets. The bankruptcy auction is scheduled for Thursday.

According to the sales procedures, the initial overbid on the "Might and Magic" assets would have to be 4 percent higher than Ubi Soft's offer. Subsequent overbids after the initial one would have to increase in $25,000 increments.

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