International Game Technology (IGT) Investor Lawsuit to Halt Takeover Announced by Shareholders Foundation

By GlobeNewswire,  July 23, 2014, 10:15:00 AM EDT

SAN DIEGO, July 23, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds International Game Technology ( IGT ) shares, 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.

Investors, who purchased shares of International Game Technology ( IGT ) prior to July 16, 2014 and currently hold any of those IGT shares, have certain options and should contact the Shareholders Foundation, Inc. at or call +1 (858) 779-1554.

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

Those who currently are investors in International Game Technology ( IGT ) shares and purchased any of those IGT shares prior to the announcement have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT: Shareholders Foundation, Inc.Michael Daniels
         +1 (858) 779-1554
         3111 Camino Del Rio North
         Suite 423
         San Diego, CA 92108

Source: Shareholders Foundation, Inc.

This article appears in: News Headlines

Referenced Stocks: IGT

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