Media outlets report that Hit Network is in discussions about acquiring Ben Armstrong.
In a recent interview with Altcoin Daily host Aaron Arnold, TJ Shedd, CEO of Hit Network, confirmed that the buyout offer for Ben Armstrong's 'Bit Boy' brand is still on the table.
Shedd stated that the buyout offer, initially extended to Armstrong, is conditional on his agreement. He affirmed that the buyout deal is still progressing despite Armstrong's attempts to stop it. The CEO further clarified that the buyout deal, if agreed upon, will be a 67% transaction of the business valuation after appraisal.
The valuation process is currently ongoing to determine the amount to pay Armstrong. Hit Network is proceeding with the valuation process to pay Armstrong, should the deal be finalised. If agreed, the payout will be made in parts over a period of 5 years.
Shedd also addressed allegations made by Armstrong, denying claims of stealing and firing him without reason. He stated that Armstrong has delayed the process by fighting the buyout.
In a surprising turn of events, a judge recently dismissed Armstrong's motion to stop the buyout deal. This decision paves the way for Hit Network to move forward with plans to buy out Armstrong completely from the 'Bit Boy' brand, should the deal be agreed upon.
The buyout offer, if accepted, will be final, with Hit Network buying out Armstrong completely from the 'Bit Boy' brand. Armstrong, however, has not yet responded publicly to the latest developments in the buyout saga.
Stay tuned for more updates as this story unfolds.
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