Top EB execs cash in stock worth $22 million
Recent filings with the Securites and Exchange Commission in the United States have revealed that key executives at US retailer EB Games have sold large amounts of stock in the company over the past month.
Recent filings with the Securites and Exchange Commission in the United States have revealed that key executives at US retailer EB Games have sold large amounts of stock in the company over the past month.
CEO Jeff Griffiths tops the table, having sold $10.9 million worth of stock, while COO John Panichello has sold $9.4 million worth and CFO James Smith brings up the rear, selling around $2.8 million worth.
The sales were revealed under US company law which demands that insider trades must be promptly reported to the Securities and Exchange Commission, and were picked up on by investor publication Barron's, which is a companion title to the Wall Street Journal.
They come as a merger between EB Games and rival chain GameStop looms, with the deal - announced back in April - set to create the world's biggest videogame retailer, with 3,800 stores worldwide, 3,200 of them in North America.
Stock in EB Games, which will technically be taken over by GameStop in order to effect the merger, has soared since the deal was announced and is currently priced at $63.45. Under the terms of the merger, GameStop will pay $38.15 and 0.78795 GME shares for each ELBO share, valuing the stock at $64.21.