GGRAsia – Last day of Italian trading for GTech shares

Last day of Italian trading for GTech shares

Apr 02, 2015 Newsdesk Latest News, Top of the deck, World

Italy’s GTech SpA, a global supplier of technology and services to the casino and lottery industries, on Wednesday said its shares cease trading on the Italian Stock Exchange as of Friday.

The firm added that all the necessary steps to complete the firm’s US$6.4-billion cross-border merger with and into its United Kingdom subsidiary International Game Technology Plc had been satisfied.

“The merger will become effective at 12.01am GMT on Tuesday, 7 April 2015, and immediately thereafter the acquisition of U.S.-based International Game Technology will be completed,” said GTech in a filing to Nasdaq, referring to the main operating unit of Nevada-based slot machine maker IGT.

Trading on Nasdaq of shares in the IGT Plc holding company will also start on April 7.

The record date for final settlement of GTech’s Italian shares – issued on the Mercato Telematico Azionario which is organised and managed by Borsa Italiana – will be April 8.

Upon the merger becoming effective, IGT Plc shares will be held by the Depository Trust and Clearing Corp and credited in lieu of GTech shares.

The creation of a U.K. holding company for the merged businesses – using IGT’s brand name – was approved on March 16 by the High Court of England and Wales.