IGT has increased its holding in Entraction to 97.6 percent of the shares. No further extension of the offer will be made.
This press release may not be distributed, directly or indirectly, into or in Australia, Japan, Canada, South Africa or New Zealand. The Offer is not being made to (and acceptances will not be accepted from) persons in those countries or elsewhere where their participation requires further documentation, filings or other measures in addition to those required by Swedish law.
International Game Technology (NYSE: IGT) (“IGT”) – a global leader in the design, development and manufacture of gaming machines and systems products, as well as online and mobile gaming solutions for regulated gaming markets, today announces it controls 97.6 percent of the shares and 98.2 percent of the votes in Entraction Holding AB (“Entraction”) following the extended acceptance period of its offer for the shares in Entraction. IGT has decided not to extend the acceptance period further.
On May 5, 2011, IGT announced a recommended cash offer to the shareholders in Entraction to tender all shares in Entraction to IGT for SEK 67.56 in cash per share (the “Offer”). The Offer was declared unconditional on June 10, 2011, after having received acceptances representing 93.2 percent of the shares and 80.3 percent of the votes in Entraction.
The acceptance period was extended up to and including June 23, 2011. During the extended acceptance period, an additional 219,340 A shares and 240,655 B shares respectively have been tendered, corresponding to 4.4 percent of the shares and 17.8 percent of the votes in Entraction.
The Offer, launched through its wholly-owned Swedish subsidiary Eagle Ice AB[1] (“Eagle Ice”), has in total been accepted by shareholders representing 364,000 A shares and 9,749,063 B shares respectively, corresponding to 97.6 percent of the shares and 98.2 percent of the votes in Entraction.
Settlement in respect of shareholders who have accepted the Offer during the extended acceptance period is expected to commence on or around June 29, 2011.
Prior to the Offer, IGT did not have any holdings in Entraction and has not acquired any shares in Entraction outside of the Offer.
IGT, through Eagle Ice, initiated on June 22, 2011 compulsory acquisition proceedings for the remaining shares in Entraction in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)).
Entraction announced on June 23, 2011 the application for delisting of the Entraction B shares from NASDAQ OMX First North Premier.
The terms and conditions relating to the Offer are described in the Offer document which can be found on the transaction website http://info.igt.com.
For further information, visit http://info.igt.com or contact:
Matt Moyer
Vice President, Investor Relations
IGT
Tel: +1 866-296-4232
Eagle Ice and IGT in brief
Eagle Ice is a Swedish limited liability company, wholly-owned by IGT. Eagle Ice’s company registration number is 556850-8856 and its registered office is in the municipality of Stockholm. Eagle Ice has never conducted any business and at present does not conduct any business and its sole purpose is to make the Offer and take all actions to finance and complete the Offer and subsequently operate as parent company of Entraction.
IGT (NYSE: IGT) is a global leader in the design, development and manufacture of gaming machines and systems products, as well as online and mobile gaming solutions for regulated markets.
IGT is currently regulated in over 350 jurisdictions and has approximately 4,900 employees.
In Fiscal Year 2010, IGT reported revenues of USD 1,987 million, operating profit of USD 433 million, and is listed on the New York Stock Exchange (NYSE).
More information about IGT is available at www.IGT.com or follow IGT on Twitter at @IGTNews or Facebook at www.facebook.com/IGT.
The information in this announcement was released for publication at 08:00 CET on June 28, 2011.
Forward-looking statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, among others, the possibility that the Offer might not close or that the closing may be delayed, IGT’s integration of Entraction, its products, technologies and employees may experience difficulties, and the anticipated benefits of the Offer to IGT and its customers might not be realized. More information about potential factors that could affect IGT’s business and financial results is included in IGT’s filings with the U.S. Securities and Exchange Commission, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in IGT’s Annual Report on Form 10-K for its 2010 fiscal year and its Quarterly Report on Form 10-Q for its fiscal quarter ended March 31, 2011, and available on the SEC website at www.sec.gov and on the investor relations section of IGT’s website at www.IGT.com. All information provided in this release is as of June 28, 2011, and IGT does not intend, and undertakes no duty, to update this information.
[1] Eagle Ice AB, previously under the name Goldcup 6663 AB, is a newly incorporated Swedish limited liability company, with company registration number 556850-8856.