SOURCE: Canadian Press

(Englewood, CO) — American cable and Internet company Liberty Media Corp. is offering to buy the remaining stake of Fun Technologies Inc. (TSX:FUN) it doesn't already own for $3.50 per share.

Liberty, which currently owns 53 per cent of the online game developer, is offering a premium of 11 per cent above Fun's closing price Thursday.

Fun shares closed unchanged at $3.15 on the Toronto Stock Exchange. It has traded between $2 and $6.10 in the past 52 weeks.

Liberty Media bought a 51 per cent stake in Fun in November 2005 in a deal valued at US$195 million. That offer translated into about C$7.45 per share, when Fun shares had traded the day before at $5.55.

Fun was created in June 2002 by Andrew Rivkin, founder of CryptoLogic Inc. (TSX:CRY) and Lorne Abony, co-founder of online pet food company Petopia.com.

Fun develops two types of online gaming; skills, which involves wagering cash on such games as chess, checkers or solitaire - and fantasy sports.

Englewood, Colo.-based Liberty's assets range from the QVC television shopping channel and Starz Entertainment cable network to the Expedia Inc. online travel company.