Market Overview

International Game May Get $4 Billion Cash Offer From Italian Lotto Operator

Related IGT
Gaming Suppliers In Play Friday Following $5.1 Billion Deal
UPDATE: Stifel Downgrades International Game Technology, Does Not Expect Competitive Deals To Arise

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.

Posted-In: News Rumors

 

Related Articles (IGT)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters