TOKYO - Toon and on-line game maker GDH will accept a take-over bid from investment firm Iwakaze Capital, GDH announced on Wednesday.

Iwakaze plans to buy up GDH shares from September 11 to October 10. The offered price per share is 8,000 yen ($74.65), compared with 8,800 yen ($82.12) per GDH share at the close of public trading on September 9. On September 10 GDH also announced that Iwakaze snapped up 1.9 billion ($17.7 billion) in new shares issued by GDH, which combined with its stock buy will give it a comfortable majority stake.

"We have decided to accept the offer after determining that it is the best way to maximize corporate value," GDH management said in a statement. Current prexy Shinichiro Ishikawa, Executive VP and COO Yasushi Uchida and CFO Fumiaki Goto will depart, while a new prexy and top management team are skedded to take over on October 1.

For the fiscal year ending in March 2008 GDH reported an operating loss of $32.6 million.

GDH titles include the TV toon series "Afro Samurai" and the feature toon "Brave Story," which GDH production arm Gonzo made with Fuji TV and Warner.

© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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