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Scientific Games given approval for Bally Technologies takeover

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Scientific Games given approval for Bally Technologies takeover

Post by jock2007 on Fri Nov 21, 2014 8:22 pm

I Gaming wrote:
Scientific Games given approval for Bally Technologies takeover
Gaming solutions provider Scientific Games has been given approval to complete its purchase of online casino games and solutions company Bally Technologies



The takeover deal, which was first announced earlier this year, will see Scientific Games acquire Bally for around $5.1 billion (€4.1 billion) after Nevada regulators gave the green light on Thursday.
Bally earlier this week reported that more than 99.6% of the votes represented and cast at a special stockholders’ meeting, or approximately 77% of the total outstanding common stock eligible to vote as of the October 20 record date, voted in favour of the deal.

Stockholders also voted to approve the non-binding advisory proposal regarding merger-related compensation with a vote of more than 65.8% of the votes represented and cast at the meeting.
Although stockholders’ approval satisfies one of the conditions required to close the merger, the deal still remains subject to certain regulatory approvals and other customary closing conditions.
According to the Las Vegas Review Journal newspaper, the Nevada Gaming Control Board took just 45 minutes to unanimously approve the deal while the Nevada Gaming Commission came to a positive conclusion in around 30 minutes.

This approval could see Scientific Games complete its acquisition of Bally as early as today (Friday).
Scientific Games will pay $83.30 per share to acquire all outstanding shares in Bally, as well as assuming $1.8 billion in debt.
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