Low-cost PC maker Emachines has agreed to be bought out by one of its own board members in a deal valued at $161 million.
Under the terms of the deal, EM Holdings, which is wholly owned by Emachines Director Lap Shun "John" Hui, will offer $1.06 for each Emachines share. That's 35 percent higher than the 78 cents per share that Hui initially offered earlier this month.
Emachines shares were trading at 43 cents before Hui's initial offer was made public Nov. 9. The stock was delisted from the Nasdaq in May and has been trading on the over-the-counter bulletin board since then. In midday trading Monday, Emachines was at 96 cents, virtually unchanged from Friday's closing price. --Ian Fried, Special to ZDNet News