GGRAsia – Most exit rights shares still in GTech’s hands

Most exit rights shares still in GTech’s hands

Jan 14, 2015 Newsdesk Industry Talk, Latest News, World

A total of 0.3 percent of shares recently sold back to GTech SpA by stockholders wishing to cash out have been taken up by remaining current investors.

Investors in the Italy-based specialist in lottery games and management had the option of turning over their holdings in exchange for cash. The trigger was GTech’s planned acquisition of U.S.-based International Game Technology (IGT), a deal expected to be closed in the first half of this year. Shareholders of GTech approved the merger in November.

Holders of 19,796,852 units of stock exercised their right to sell back their shares to the Italian firm by GTech’s July deadline.

In a filing on Tuesday, GTech said 62,607 units of that stock had been purchased by remaining shareholders by a January 9 deadline – under a right of first refusal contained in the Italian Civil Code. The offer price was EUR19.174 (US$22.6) per share.

The balance of the exit rights shares still in GTech’s hands might be offered for sale on the Mercato Telematico Azionario managed by Italy’s main stock exchange in Milan – the Borsa Italiana SpA – GTech added in its filing.

“In the event that, even after any such offer, any shares remain unsold, such shares will be purchased by GTech,” the company added.

GTech in July announced it was acquiring Nevada-based slot machine maker 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.