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Sports Odds And Picks
April 11th General news ... Sports Odds And Picks at sports-oddsandpicks.com
GTECH AND I.G.T. IN ACQUISITION TALKS
2014-06-17
Starting the week off with a bang is the announcement by gambling and lottery supplier group GTECH that it is in 'preliminary' talks with contemporary U.S. firm International Game Technology with the objective of buying the American company.
"This transaction could potentially involve the use of a mix of cash and equity as consideration," GTECH told the Reuters news agency, adding it did not anticipate needing a cash call to fund the acquisition.
GTECH said it had hired advisers to help it in the talks.
In a coordinated response, IGT issued a rather wooly statement advising:
"IGT regularly considers, and on occasion explores, a broad range of strategic alternatives, including but not limited to business combinations, changes to our capital structure and adjustments to our portfolio of businesses, with the goal of maximizing shareholder value.
"The IGT Board of Directors and senior management are currently engaged in such an exploration, but no decisions have been made by the Board regarding any particular alternative available to the Company and there can be no assurances that any transaction or other strategic change will be entered into as a result of the current exploration of alternatives.
"IGT does not intend to discuss or disclose developments with respect to this general subject unless and until the Board has approved a definitive course of action."
ATLANTIC CLUB SAGA CONTINUES (Update)
2014-02-26
In a move that is NFL Odds probably now of merely academic interest to the online gambling industry, the losing bidder in the auctioning-off of the failed Atlantic Club Casino has said it intends to seek a re-hearing and review of its bid, which was a million dollars better than that submitted by the winners, Caesars Entertainment and Tropicana Entertainment (see previous InfoPowa reports).
According to a report in the Press of Atlantic City, Sobe Holdings LLC will submit the rehearing request on Monday, and if it is refused the company will take the matter to an appeal court.
Although the Sobe bid was higher, but Atlantic City Chief Judge Gloria Burns felt that the Caesars-Tropicana bid carried less risk.
Sobe disagrees with this assessment, and says that instead of stripping the company and retrenching its employees, it wants to revamp and rebrand the property and re-open it as a going concern.
The company has the necessary experience, as it operates and owns Deauville Beach Resort in Miami Beach, Florida.
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