Midway Games shares for sale

Midway Games today announced that it has agreed to sell 11,350,000 shares of its common stock to raise proceeds of approximately $82.3 million, before placement fees and expenses. The net proceeds, which are expected to total around $78.4 million, will be used by Midway for working capital, research and development, marketing and distribution efforts, and acquisitions and strategic alliances--should the opportunities arise. The sale is expected to be completed on Wednesday, April 14.