Immersion acquires 42% of BNED for $50.1M, gains control; pro forma shows $784M revenue for H1 2024

IMMERSION CORP

Acquisition of ~42% of BNED for $50.1M cash, completed June 10, 2024; Immersion controls BNED via five board seats.
Pro forma combined six months ended June 30, 2024: revenue $784M, net income to Immersion stockholders $36.8M, EPS $1.16.
Pro forma combined year ended Dec 31, 2023: revenue $1.588B, net income to Immersion stockholders $0.5M, EPS $0.02.
BNED historical: net loss from continuing operations $31.3M (H1 2024) and $89.1M (FY 2023) before pro forma adjustments.
Purchase price allocation includes $95M intangibles (trade name $45M, customer relationships $50M) and $14.2M goodwill.

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