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CIBC: IGT May Bid for GTECH


CIBC World said Monday that GTECH Holdings' (GTK) unidentified acquisition offer most likely came from International Game Technology (IGT).

GTECH said Monday that an unidentified company has shown interest in an acquisition.

Analyst William Schmitt believes that 1) International Game Technology's market share is eroding, 2) its top line is expected to be flat until the broader industry as a whole begins to rebound, and 3) International Game Technology would be usurping GTECH's entry into the traditional slot market if it acquired the company. Also, from a regulatory perspective, Schmitt thinks it makes sense for the deal to happen. However, he suggests that Harrah's Entertainment (HET) could also be a buyer given its recent strategic alliance with GTECH, as well as its interest in taking on a more involved role in its slot product. The analyst maintained his rating on GTECH at "sector outperformer."


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