|IGT aka International Game Technology, and Acres Gaming Inc. have both approved the proposal to merge. With the Board of Directors of both companies fully backing the proposal, the deal sounds as good as done.|
IGT are sweet on the deal because the acquirement of Acres will boost them up in the world. Almost literally. With Acres under their belt, IGT will become a world-class player in the gambling industry.
Acres develops gaming systems technology that effectively increases punter loyalty for casino operators. Rich Pennington, Executive Vice President of Product Development for IGT explains precisely what that means: 'The combined IGT/Acres product offering will provide all of our customers with more product choices, increased customer service and exciting innovations that will enhance the gaming experience of the player.'
Among other things, the merger is dependant on the approval of Acres shareholders, who’ll be bought out by IGT. Shareholders are being offered $11.50 per share by IGT, which, if they buy all of them as intended, will set them back $130 million. IGT expect the deal to go through by the end of the year.
Bud Glisson, Acres' CEO looks to the future of Acres: 'The combination of our technologies and people will further strengthen our capacity to continue to provide reliable and innovative system products in the gaming industry.'