Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Shares of Gaming Partners International Corp. (NASDAQ:GPIC), a supplier of gaming table equipment to casinos worldwide, rose 70 percent after the company agreed to sell itself to Angel Holdings, a supplier of casino playing cards and table game equipment.
What Happened
As part of a merger agreement, Angel will acquire Gaming Partners in a cash transaction that values the company at around $110 million. Gaming Partners investors will receive $13.75 in cash for each share held, which represents a premium of more than 70 percent to Gaming Partners' Tuesday closing price.
The transaction has been approved by Gaming Partners' independent directors and board. The deal has also been approved by shareholders who combine for an ownership stake of around 51 percent of all outstanding shares.
Why It's Important
Prior to Wednesday's merger announcement, shares of Gaming Partners saw consistent selling momentum that began in early 2018, when it was trading near $11.50 per share.
The transaction also comes at a time of mixed performance among casinos globally: the gaming region of Macau recorded its highest monthly revenue in four years in October, but more recently, Wynn Resorts, Limited (NASDAQ:WYNN) reported mixed third-quarter results.
What's Next
The transaction is expected to close next year and remains subject to customary closing conditions and approval from certain global gaming authorities.
Related Links:
Dan Gilbert Selling Detroit's Greektown Casino-Hotel To VICI Properties, Penn National For $1B
6 Reasons Why Deutsche Bank Is Bullish On Post-Bankruptcy Caesars Entertainment
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!