International Game May Get $4 Billion Cash Offer From Italian Lotto Operator
International Game Technology (NYSE: IGT) opened sharply higher on news it may be on the verge of receiving an all-cash $4 billion offer from Italian lottery operator GTECH SpA.
The struggling slot machine maker put itself up for sale June 9 and reportedly has also attracted interest from Ron Perelman's MacAndrews & Forbes Holdings, as well as Apollo Global Management LLC and Carlyle Group LP.
Speculation recently had pegged buyout bids at up to $6 billion. International Game's opening price Thursday gives it a market value of nearly $3.9 billion.
Rumor of the GTECH offer first surfaced Thursday in the Italian newspaper La Repubblica and was relayed by Bloomberg news service.
International Game traded recently at $15.64, up 3.5 percent.
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