GGRAsia – IGT shareholders to vote on merger on Feb 10

IGT shareholders to vote on merger on Feb 10

Jan 05, 2015 Newsdesk Industry Talk, Latest News, Top of the deck, World

U.S.-based slot machine maker International Game Technology (IGT) is to hold a special meeting of its shareholders on February 10. Among other things, stock owners will be asked to vote on a proposal to approve the firm’s merger with lottery equipment and management specialist GTech SpA.

IGT shareholders as of the close of business on January 2, 2015, will be entitled to take part in the poll the firm said in a statement.

“The merger is subject to certain closing conditions, including the approval of a majority of the outstanding shares of IGT’s common stock and the receipt of required gaming approvals,” it added.

IGT, and Italy-based GTech, will be merged into an entity called Georgia Worldwide Plc, a holding company established under the laws of England and Wales. The ordinary shares of the U.K. holding company would then be listed on the New York Stock Exchange “to further increase the visibility of the combined group,” according to previous filings.

Shareholders of GTech approved the deal in early November.

The lottery firm in July announced it was acquiring IGT for US$6.4 billion, comprised of US$4.7 billion in cash and stock, and the assumption of US$1.7 billion in net debt. The deal is due to be completed in the first half of 2015.