International Game Technology and GTECH are fiddling with their merger agreement first confirmed to mGamingWatch last July.
The latest chatter involves the two parties amending their previously announced merger agreement.
So what’s behind the changes? Here’s what a provided joint statement has to say:
IGT and GTECH entered into the amendment with the overall intent of improving the timing and certainty of completion of the transaction in the interests of both companies and their shareholders. The amendment relieves IGT of additional regulatory and disclosure requirements, which were expected to delay the completion of the transaction. The amendment also reflects a reduced number of required approvals from gaming regulators as a condition precedent to closing.
According to the same announcement, the aggregate amount of stock and cash to be paid to IGT shareholders has remained unchanged. However, the amendment eliminates the mechanism for IGT shareholders to elect all-stock, all-cash consideration, or a mixed election, subject to proration.
“Upon completion of the merger, all IGT shareholders will receive the mixed consideration described in the merger agreement,” the statement concludes.
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