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 Aug 27, 2007 - 12:13 PM - by Michael
* Gateway gets swallowed

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PC Games/Hardware/Microsoft
Gateway's about to be swallowed up by Acer: the once-mighty powerhouse (who've turned into a joke almost as bad as Packard Bell) now sitting well below $2 a share.

Under terms of the agreement announced Monday, Acer will purchase all of Gateway's outstanding shares for $1.90 per share. The deal has already been approved by the boards of directors at both companies and should be completed by the end of this year, subject to government approval, Acer said in a statement. Gateway's shares ended at $1.21 Friday on the New York Stock Exchange.

"This is the biggest acquisition in Acer's 30 year history," said J.T. Wang, Acer's chairman, speaking at a news conference in Taipei.
At one time, Gateway was well known for customer service and good computers. These days, they're known as something to stay away from.
 

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