The Atari saga continues, as its biggest shareholder Infogrames, the French video games company, has offered to buy the rest of the company for $1.68 a share. This is a non-binding offer, the company said. Infogrames owns 51 percent of Atari.

Just last December, Atari said it had completed some of its restructuring plans, altered its relationship with Infogrames, and secured $4 million in new borrowing to meet its financing needs. Atari restructured its existing distribution agreements with Infogrames, and signed a new three-year deal wherein Atari would distribute Infogrames’ products in North America and elsewhere, with Atari retaining 30 percent of net receipts.

Meanwhile, Infogrames, which has been going through its own set of troubles, named a new management team earlier this year, and appointed David Gardner, a former Electronic Arts (NSDQ: ERTS) executive, as its CEO.

More on the offer here.