IGT Reports Dissident Ader Withdraws From Proposed Slate

Investor Jason Ader withdrew from seeking a personal board seat at International Game Technology (IGT), while continuing to back a slate of independent candidates, the company said.

IGT, the world’s largest slot machine maker, had said on Jan. 7 that Ader, a former casino analyst, would propose four new directors for the company’s board, including himself. Ader, who runs New York-based Ader Investment Management LLC, has told the company he still intends to nominate three candidates, the IGT said today in a statement.

Ader is working with Charles Mathewson, IGT’s former chairman and chief executive officer, the company said. Mathewson, Raymond J. Brooks and Daniel B. Silver are the other potential nominees.

IGT’s current chief executive, Patti Hart, said in an interview this week that she and the company’s current board opposed the new nominees.

IGT, based in Las Vegas, rose 1.6 percent to $14.97 today in New York. The shares have gained 5.6 percent this year.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.