Ader Group Files Preliminary Proxy Statement Seeking To Restore IGT's Focus On
- Nominates Three Independent, Highly-Qualified Individuals With Significant
Relevant Experience -
NEW YORK, Jan. 11, 2013
NEW YORK, Jan. 11, 2013 /PRNewswire/ -- Jason N. Ader of Ader Investment
Management LP ("AIM") publicly announced that AIM has filed with the U.S.
Securities and Exchange Commission a preliminary proxy statement to elect
three independent nominees to the IGT Board of Directors.
The Ader Group intends to nominate a "short slate" of three directors with
relevant experience, including significant casino gaming industry experience
and knowledge of financial markets. The slate will include IGT's Former
Chairman and CEO Charles N. Mathewson, AIM's Daniel B. Silvers, and Raymond J.
Brooks, Jr., principal of R.J. Brooks Cos. and former CEO of ACA Financial
By obtaining a significant minority of IGT's board, the Ader Group seeks to
refocus IGT on a business model which it believes led to IGT's historic
success. The Ader Group seeks to restore shareholder value by re-focusing IGT
on its core slot machine and systems business.
"We believe IGT is deeply undervalued as a result of (i) a lack of focus on
the core slot machine and systems business that we believe generated IGT's
historic success, (ii) a lack of casino gaming industry experience in
management ranks, and (iii) the results of poor capital allocation decisions
highlighted by a series of costly non-strategic acquisitions. We are
convinced our slate will make a major improvement in this company," said Ader.
Ader further noted that the company's stock price, which declined by 16.2
percent in 2012, "speaks for itself."
"We believe investors are confounded by IGT's strategic direction and that
IGT's valuation has suffered as a result. We are further convinced that IGT
has abdicated its competitive advantage in its core business through its
recent strategy. We expect that this new slate will add experience and
depth," said Ader.
Ader's selection of nominees – which do not include Ader himself – make clear
that this proxy contest is solely about improving shareholder value.
"This shareholder election is not about any agenda other than refocusing IGT
on its historically successful core business to improve shareholder value.
While IGT may choose to try and distract shareholders from the key issues, our
goal is solely to maximize value to IGT's shareholders," said Ader.
ADER INVESTMENT MANAGEMENT LP, ADER LONG/SHORT FUND LP, DOHA PARTNERS I LP,
ADER FUND MANAGEMENT LLC, ADER INVESTMENT MANAGEMENT LLC, JASON N. ADER,
DANIEL B. SILVERS, ANDREW P. NELSON AND LAURA T. CONOVER-FERCHAK
(COLLECTIVELY, "ADER") INTEND TO FILE WITH THE SECURITIES AND EXCHANGE
COMMISSION (THE "SEC") A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY
CARD TO BE USED TO SOLICIT WRITTEN PROXIES FROM THE STOCKHOLDERS OF
INTERNATIONAL GAME TECHNOLOGY (THE "COMPANY") IN CONNECTION WITH THE COMPANY'S
2013 ANNUAL MEETING OF STOCKHOLDERS. ALL STOCKHOLDERS OF THE COMPANY ARE
ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO
THE SOLICITATION OF PROXIES BY ADER, RAYMOND J. BROOKS, JR. AND CHARLES N.
MATHEWSON (COLLECTIVELY, THE "PARTICIPANTS") FROM THE STOCKHOLDERS OF THE
COMPANY, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS
(INCLUDING A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY
HOLDINGS OR OTHERWISE). WHEN COMPLETED, THE DEFINITIVE PROXY STATEMENT AND
FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF THE COMPANY AND, ALONG WITH
OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT
HTTP://WWW.SEC.GOV. IN ADDITION, ADER WILL PROVIDE COPIES OF THE DEFINITIVE
PROXY STATEMENT AND ACCOMPANYING PROXY CARD (WHEN AVAILABLE) WITHOUT CHARGE
SOURCE Ader Investment Management LP
Contact: Media Relations - 5W Public Relations, Rob Ford, firstname.lastname@example.org,
+1-212-999-5585; or Innisfree M&A Incorporated - Jennifer Shotwell / Scott
Winter / Jonathan Salzberger, +1-212-750-5833
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