Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Scientific Games to Acquire WMS Industries (SGMS, WMS)

Thursday, January 31, 2013 2:33 PM
With an aim to reinforce its traction in gaming business machines and expand its geographical presence, Scientific Games Corp. (NASDAQ: SGMS) announced on Thursday that it agreed to acquire WMS Industries Inc. (NYSE: WMS) in deal estimated at $1.42 billion. Key Points
  • Scientific Industries will pay $26 per share to acquire WMS Industries
  • The transaction represents a premium of 59% over WMS shares’ closing price of $16.37 as on Wednesday on the NYSE
  • Both companies' boards have unanimously approved the deal, and it expected close by the year-end, subject to an approval from WMS’s shareholders
Following the announcement, shares of WMS Industries rallied Scientific Industries, which develops lottery instant tickets, lottery and video gaming systems , said that the deal includes $85 million worth debt and cash on hand estimated at $55 million as of September 30. WMS Industries, which competes with Bally Technologies Inc., manufactures and distributes gaming machines and interactive gaming content. Commenting over the proposed deal, A. Lorne Weil, Chief Executive of Scientific said in a statement, “The acquisition of WMS is transformational for Scientific Games, enabling us to offer a complete portfolio of lottery and gaming products and services to both new and existing customers around the world”. “We expect to combine our game content, technology, operational capabilities and respective geographic footprints to create an enterprise poised to capitalize on significant growth opportunities around the globe,” added Lorne. Scientific also said that planned acquisition will bring in synergies through shared costs, economy of scale, stronger revenue growth. Besides, the Company said that it will seek opportunities to cross-sell products to each company’s respective customers.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

GM sued over deaths, injuries linked to ignition switchGM sued over deaths, injuries linked to ignition switch
(Reuters) - General Motors <GM.N> was hit Tuesday with a lawsuit brought on behalf of more than 650 people allegedly injured or killed in accidents involving cars that have been recalled this ...
Icahn cuts stake in Family DollarIcahn cuts stake in Family Dollar
(Reuters) - Activist investor Carl Icahn cut his stake in Family Dollar Stores Inc <FDO.N>, a day after the company agreed to be bought by rival discount chain Dollar Tree Inc <DLTR.O> for...
Ex-Im internal watchdog finds no proof of systemic corruptionEx-Im internal watchdog finds no proof of systemic corruption
WASHINGTON (Reuters) - There is currently no evidence of widespread fraud within the U.S. Export-Import Bank, its internal watchdog said, as critics of the bank flagged a wider probe of corruption cla...
U.S. trial over S&P ratings could begin in September 2015, take 4 monthsU.S. trial over S&P ratings could begin in September 2015, take 4 months
SANTA ANA CALIFORNIA (Reuters) - A trial on the U.S. government`s $5 billion lawsuit against Standard & Poor`s over the company`s ratings of mortgage bonds prior to the 2008 financial crisis cou...
Prosecutors, defense spar over $150 billion forfeiture for Madoff aidesProsecutors, defense spar over $150 billion forfeiture for Madoff aides
NEW YORK (Reuters) - Four months after five former Bernard Madoff aides were convicted of helping conceal his massive Ponzi scheme, their lawyers and U.S. prosecutors are still fighting over the tri...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.