Gtech Amends IGT Merger Accord to Fixed Stock-Cash MixChristopher Palmeri
Gtech SpA amended the terms of its $4.7 billion acquisition of International Game Technology, eliminating terms that let IGT investors choose all stock or all cash for their holdings.
The original $18.25 a share price, including $13.69 per share in cash, plus stock in a newly formed holding company, remains unchanged, they said in a statement today.
The terms were changed to avoid regulatory requirements that have would have delayed the merger. Gtech, the world’s largest lottery company, agreed in July to acquire IGT, the biggest slot machine manufacturer.
The deal is expected to close in the first half of next year, the parties said.
IGT, based in Las Vegas, was little changed in extended trading after the announcement and unchanged at $16.79 at the close in New York. Gtech, based in Rome, fell 0.1 percent to 18.58 euros in Milan.