GTECH IN GBP 18 MILLION BID FOR PROBABILITY
Tuesday February 18 ,2014 : GTECH IN GBP 18 MILLION BID FOR PROBABILITY
Synergies in R&D and mobile game development
GTECH UK Interactive Limited has agreed a deal with mobile gambling specialist Probability Plc's board of Directors on a recommended cash acquisition price of around GBP 18 Million.
The deal will be fulfilled under a Court sanctioned scheme of arrangement that will entitle scheme shareholders to 50 pence in cash for each Probability Share held at the Scheme Record Time.
GTECH UK have agreed a premium price paying 58.7 percent over the closing price of 31.5 pence per share on close of business on 17 February 2014.
Probability Directors have agreed unanimously to recommend Probability Shareholders vote in favour of the resolutions to be proposed at the Court Meeting and the General Meeting in relation to the Scheme.
Renato Ascoli, President of Products & Services at GTECH, commenting on the deal said: "This Acquisition is a significant step in GTECH's ongoing efforts to meet the mobile gaming needs of our WLA and commercial customers.
"Probability does not have a WLA presence and its products complement GTECH's mobile product offering. The combination will generate operational synergies, primarily in R&D and games development."
Charles Cohen, Chief Executive Officer of Probability, added: "The Scheme provides certainty of value to Probability Shareholders through a cash exit at a premium to the recent share price. The Board and management of Probability are fully supportive of this transaction, which it believes is in the best interests not just of Probability Shareholders, but also of all of Probability's employees and customers. By becoming part of the GTECH Group, Probability will be able to leverage its technology, mobile expertise and customer relationships on a global basis."