Cobretti2 said:
Pretty sure they offered it to Nintendo first ad they didn't take it. |
There most likely was not a "Right of first refusal" term but something similar to a "Right of First Offer" which basically only meant there was an agreement to negotiate with Nintendo at some point since they were a major shareholder.
Rare's 51% stake was divided and held by the Stamper Bros (Tim and Chris) and a smaller portion with Joel Hochberg. They were actively shopping around the sale of Rare for some while (even before MS came into the picture).
The Stampers and Joel wanted to get as much as they could for Rare before they retired, but Nintendo also saw the retiring Stampers as critically important leaders and were key go betweens for Nintendo and Rare.
One tactic Rare used to make it clear to the industry and public that they were open to bidders is a Christmas card that they sent in 2001 (a year before MS purchase) with a PS2, Xbox and GameCube under a tree.
They were trying to drum up interest and increase the bidding price, but Nintendo had no enthusiasm for going into a back and forth bidding war with another large company. When MS made their $375 Million offer Nintendo decided to just cut their losses and take the deal.
After selling Rare, Joel Hochberg spent some of that cash on an $8.35 Million mansion in South Florida. - https://therealdeal.com/miami/2015/09/23/software-exec-buys-mansions-at-acqualina-unit/
After selling Rare, Tim Stamper spent some of his money to buy Eydon Hall in Northamptonshire for £17 Million . - https://en.wikipedia.org/wiki/Eydon_Hall
