IGT, GTECH Holdings amend part of merger agreement
Slot machine giant International Game Technology and GTECH Holdings amended a portion of the companies’ merger agreement Tuesday with hopes of keeping the planned closing date on track for $6.4 billion transaction.
Las Vegas-based IGT, which has a manufacturing headquarters in Reno, and Italy-based GTECH hope to close the deal in the first half of 2015.
The amendments cover how shareholders of IGT will be paid. The aggregate amount of stock and cash was unchanged, IGT and Italy-based GTECH said in a statement.
Now, IGT shareholders will receive a combination of $13.69 in cash per share plus a number of shares in the newly formed company that will be headquartered in the United Kingdom. Originally, IGT shareholders would have voted to receive either all-stock, all-cash, or a mixture of stock and cash.
IGT and GTECH said the changes would relieve IGT of additional regulatory and disclosure requirements, predominately in Europe, which were expected to delay completion of the transaction.
IGT and GTECH announced the deal in July.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.
