Shareholders Foundation, Inc.

International Game Technology (NYSE:IGT) Investor Alert: Investigation of Takeover by GTECH S.p.A

An investigation on behalf of investors of International Game Technology (NYSE:IGT) in connection with the proposed takeover was announced and NYSE:IGT stockholders should contact the Shareholders Foundation.

 

San Diego, CA -- (ReleaseWire) -- 07/21/2014 -- An investigation on behalf of investors, who currently hold shares of International Game Technology (NYSE:IGT) shares, was announced concerning whether the takeover of International Game Technology by GTECH S.p.A for a value of $18.25 per share is unfair to NYSE:IGT stockholders.

Investors who purchased shares of International Game Technology (NYSE:IGT) and currently hold any of those NYSE:IGT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of International Game Technology breached their fiduciary duties owed to NYSE:IGT investors in connection with the proposed acquisition.

On July 16, 2014, International Game Technology (NYSE:IGT) announced that it has entered into a definitive merger agreement with GTECH S.p.A. for the acquisition of International Game Technology (NYSE:IGT) by GTECH for $6.4 billion, comprised of $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt. Under the terms of the transaction, International Game Technology (NYSE:IGT) andGTECH will combine under a newly formed holding company organized in the United Kingdom (NewCo). International Game Technology (NYSE:IGT) shareholders will receive an aggregate value of $18.25 per NYSE:IGT share in a combination of $13.69 in cash plus 0.1819 ordinary shares of NewCo for each share of NYSE:IGT common stock.

However, given that at least one analyst has set the high target price for NYSE:IGT shares at $19.00 per share and that NYSE:IGT shares traded in September 2013 as high as $21.01 per share, the investigation concerns whether the $18.25-offer is unfair to NYSE:IGT stockholders. More specifically, the investigation concerns whether the International Game Technology Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

International Game Technology reported that its Total Revenue rose from over $2.15 billion for the 52 week period that ended on Sept. 30, 2012 to over $2.34 billion for the 52 week period that ended on Sept. 30, 2013 and that its respective Net Income rose from $245.90 million to $272.70 million. Shares of International Game Technology (NYSE:IGT) rose from $11.20 per share in August 2012 to as high as $21.01 per share in September 2013.

On July 16, 2014, NYSE:IGT shares closed at $16.92 per share.

Those who are current investors in International Game Technology (NYSE:IGT) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com