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International Game Technology (NYSE:IGT) Investor Lawsuit Against Acquisition By GTECH S.p.A

  • If you purchased shares of International Game Technology (NYSE:IGT) and currently hold any of those NYSE:IGT shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
International Game Technology
Security
NYSE: IGT

Case Name
International Game Technology Deal Case 07/22/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

July 22, 2014 (Shareholders Foundation) - An investor, who currently holds shares of International Game Technology (NYSE:IGT) filed a lawsuit in effort to halt the proposed takeover of International Game Technology by GTECH S.p.A for a value of $18.25 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:IGT stockholders by agreeing to sell International Game Technology. too cheaply via an unfair process to GTECH S.p.A.

On July 16, 2014, International Game Technology (NYSE:IGT) announced that it has entered into a definitive merger agreement with GTECH S.p.A. for the acquisition of International Game Technology (NYSE:IGT) by GTECH for $6.4 billion, comprised of $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt. Under the terms of the transaction, International Game Technology (NYSE:IGT) andGTECH will combine under a newly formed holding company organized in the United Kingdom (NewCo). International Game Technology (NYSE:IGT) shareholders will receive an aggregate value of $18.25 per NYSE:IGT share in a combination of $13.69 in cash plus 0.1819 ordinary shares of NewCo for each share of NYSE:IGT common stock.

However, the plaintiff claims that the takeover of International Game Technology by GTECH S.p.A. undervalues International Game Technology. Indeed, least one analyst has set the high target price for NYSE:IGT shares at $19.00 per share and NYSE:IGT shares traded in September 2013 as high as $21.01 per share. Furthermore, International Game Technology reported that its Total Revenue rose from over $2.15 billion for the 52 week period that ended on Sept. 30, 2012 to over $2.34 billion for the 52 week period that ended on Sept. 30, 2013 and that its respective Net Income rose from $245.90 million to $272.70 million. Shares of International Game Technology (NYSE:IGT) rose from $11.20 per share in August 2012 to as high as $21.01 per share in September 2013.

In addition, the plaintiff alleges that the process is also unfair to NYSE:IGT stockholders.

On July 22, 2014, NYSE:IGT shares closed at $17.15 per share.