Rejected Gateway Bidder to Review His Options
Lap Shun Hui said he would review his options after his $450-million bid for Gateway Inc.’s retail operations was rejected last week.
“I’m disappointed,” Hui, who sold his EMachines Inc. to Gateway in 2004, said in a statement. Irvine-based Gateway’s board rejected the offer without any talks to refine the proposal or alternative plans, he said.
Hui, who owns 4.9% of personal computer maker Gateway, offered to buy its retail unit Aug. 22. It accounts for more than 60% of sales and distributes PCs through Best Buy Co. and other chains.
The bid came a day after Firebrand Partners and Harbinger Capital Partners, which together own more than 10% of Gateway, demanded to meet with interim Chief Executive Richard Snyder to discuss ways to boost profit.
