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U.S. markets recover from steep losses
IRVINE, Calif., Sept. 1 (UPI) -- Gateway Inc., the Irvine, Calif.-based personal-computer maker, said Friday it would reject a $450 million offer for its retail business.
The Aug. 23 offer by Lap Shun Hui, who sold his eMachines Inc. to Gateway for $262 million in 2004, "is not in the best interest of shareholders," Gateway said in a statement. Hui, who owns 4.9 percent of Gateway, the third-largest U.S. computer maker, sought to regain control of his former business.
The retail unit, which sells through Best Buy Co., Circuit City and Staples Inc., accounted for 64 percent of the company's second-quarter revenue.
The company said it remained "committed to taking the appropriate steps to enhance shareholder value." It did not address Hui's separate offer to explore buying all the company's shares outright.
Shares of Gateway fell 3 cents to $1.97 in early afternoon trading on the New York Stock Exchange.
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