Aug 11, 2021 Newsdesk iGaming, Industry Talk, Latest News  
SciPlay Corp, a digital gaming content provider majority-owned by casino equipment and lottery specialist Scientific Games Corp, says it has set up a special committee and appointed advisors, “to review and evaluate” a proposal the board received from Scientific Games on July 15,
In July, Scientific Games made a proposal to acquire the remaining 19 percent of equity interest in SciPlay that it does not currently own, via an all-stock transaction.
A Tuesday announcement from SciPlay said its newly-formed special committee had retained financial services firm Lazard Ltd as its financial advisor, and Sullivan & Cromwell LLP as its legal counsel, “in connection with its review and evaluation of the proposed transaction”.
Under the proposal, SciPlay shareholders, other than Scientific Games and its subsidiaries, would receive 0.250 shares of Scientific Games’ common stock for each share of SciPlay Class A common stock they own.
This would “imply a premium of 11 percent” based on Scientific Games’ and SciPlay’s respective stock prices at the close of business on July 14, 2021, the last trading day prior to Scientific Games’ proposal, noted Tuesday’s annoucement.
On Monday, SciPlay reported second-quarter revenue down 7.0 percent judged year-on-year, at US$154 million, versus US$165.6 million in the second quarter 2020.
But Barry Cottle, president and chief executive of the Scientific Games parent, noted in the latter’s second-quarter results, also issued that day, that SciPlay’s second-quarter 2021 revenue was the “second highest” in the latter’s history.
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