CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

Acres Stockholders Approve Merger with IGT

29 September 2003

LAS VEGAS – (Press Release) -- Acres Gaming Incorporated (Nasdaq: AGAM) announced today that its stockholders have approved the merger between Acres, International Game Technology (NYSE: IGT) and NWAC Corp., a subsidiary of IGT. Sixty-four percent (64%) of the outstanding shares of common stock voted for the merger and two percent (2%) voted against the merger. Under the terms of the merger agreement, IGT will pay $11.50 per share in cash for each outstanding share of Acres common stock, representing an aggregate purchase price of approximately $130 million on a fully diluted share basis, and Acres will merger with NWAC.

The merger remains subject to certain closing conditions described in the merger agreement, including gaming regulatory approvals. Acres expects to obtain the necessary gaming regulatory approvals and complete the merger in the fourth calendar quarter of 2003. Information about Acres

Acres is a software development company serving the worldwide gaming industry. Acres provides bonusing and cashless gaming products as well as a full suite of integrated casino management systems via its Acres Bonusing(TM), Acres Cashless, and Acres Advantage(TM) product lines. Acres' patented technology enables casino operators to increase patron loyalty by differentiating their properties in an increasingly competitive environment. Acres' products provide the tools that increase player enjoyment and satisfaction while improving operational efficiency and property profitability.

< Gaming News