International Game Technology (1.5%) (IGT)($16.87 - NYSE), based in Las Vegas, Nevada, is a global leader in the design and manufacturing of gaming equipment and related services. The company confirmed on June 16, 2014 that it was in the process of evaluating strategic alternatives. On July 16, 2014, the company entered into a merger agreement with lottery industry leader GTECH SpA for a cash and stock consideration of $18.25 per share. The deal values International Game Technology at $6.4 billion. The transaction is subject to shareholder approvals at both companies and approval from gaming commissions in twenty-three jurisdictions, four of which have already approved the deal. The transaction has received U.S. antitrust clearance and is expected to close by the first half of 2015.
From Mario Gabelli (Trades, Portfolio)’s ABC Fund Q3 2014 Commentary.
