Infogrames, which already owns a 51 percent stake in Atari, offered $1.68 per share in an effort to retain the company as a wholly-owned property. Atari said that the company's board of directors intends to give the proposal a thorough evaluation.

The news comes just days after the appointment of former Sony executive Phil Harrison as president of Infogrames. Harrison noted that shaping the future of the Atari was one of his major goals in his new position.

Late last year, Atari enacted a plan to restructure its corporate model in the wake of mounting losses and a $3.5 million settlement payout to FUNimation over royalties owed for properties associated with Dragon Ball Z.