GGRAsia – GPI-Angel merger to be concluded on May 1: GPI

GPI-Angel merger to be concluded on May 1: GPI

Apr 22, 2019 Newsdesk Industry Talk, Latest News, Top of the deck

United States-listed supplier of casino currency and equipment Gaming Partners International Corp (GPI) says the company’s merger with Japanese firm Angel Holdings GK, a specialist in the manufacture of casino playing cards, should take place on May 1.

“GPI has delivered a written communication to Nasdaq stating that it intends to consummate its merger with Angel Holdings GK on May 1, 2019, subject to satisfaction or waiver of all closing conditions,” GPI stated in a press release issued on Friday.

GPI had said in March the merger with Angel Holdings was schedule to take place “before December 1.”

The stockholders of GPI formally approved in March the merger with Angel Holdings. GPI had announced in November that Angel Holdings would buy all of GPI’s stock for a cash consideration of nearly US$110.7 million.

Angel Holdings makes and supplies playing cards and card games for gaming and for the retail market. The company’s headquarters is in Kyoto, with branch offices in Macau, the U.S., Australia and the Philippines.

Under the terms of the merger agreement with Angel Holdings, stockholders of GPI will receive US$13.75 per share in cash in exchange for their stocks. Upon the closing of the transaction, Angel Holdings will own 100 percent of GPI.

“Because GPI will become a wholly-owned subsidiary of Angel Holdings after the closing, Angel Holdings and GPI have agreed to take certain steps to delist GPI’s common stock from Nasdaq and to withdraw such shares from the reporting obligations under the [U.S.] Exchange Act,” GPI stated in Friday’s filing.

GPI said in its latest annual report – issued in March – it posted net income of US$3.7 million for full calendar year 2018, compared to a profit of US$3.6 million a year earlier.