The Nevada Gaming Commission has approved the application by Las Vegas-based Global Cash Access Holdings Inc (GCA) to acquire Multimedia Games Holding Co Inc. The nod from the Gaming Commission was the final regulatory hurdle for the US$1.2 billion deal to close.
New York-listed GCA, which supplies cash processing technology and related services to the gaming industry, said in September it had agreed to acquire all the outstanding common stock of Multimedia Games for US$36.50 per share, representing a 31 percent premium to the closing stock price as of September 5.
The Nevada Gaming Control Board had recommended approval of the acquisition following a meeting on December 3 and 4. A day later, GCA said it was raising cash to fund the acquisition.
Multimedia Games makes and supplies systems, content and electronic gaming units for casinos. The firm this year spent US$13 million for PokerTek Inc, an electronic table game company.
Shareholders of Multimedia Games earlier this month overwhelmingly approved the merger with GCA.
The combined company’s headquarters will remain in Las Vegas and its game development operations will be based in Austin, Texas, where Multimedia Games has its headquarters, GCA said in previous filings.
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”I do not believe that this event [the collapse of a under-construction building in Sihanoukville] will slow down the issuance of [gaming] licences. Market forces will probably dictate the process as developers evaluate projected future demand for gaming in the region”
Senior partner at business consultancy Global Market Advisors