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Slot machine maker IGT says in statement company is exploring 'strategic alternatives'

16 June 2014

Slot machine giant International Game Technology all but confirmed the company is up for sale Monday, saying in a statement it was “currently” exploring “a broad range of strategic alternatives.”

In a one-paragraph comment, IGT said its board of directors and senior management are “currently engaged” in looking at potential “changes to our capital structure and adjustments to our portfolio of businesses.”

The statement comes after reports surfaced last week the gaming industry’s largest manufacturer hired investment bank Morgan Stanley to field sales offers for the company.

The news sent shares of IGT soaring in value on the New York Stock Exchange.

On Friday shares of IGT closed up 10.52 percent after various media reports listed gaming equipment giant GTECH and several private equity groups expressing interest in acquiring IGT, which has corporate offices in Las Vegas and manufacturing headquarters in Reno.

In its statement, IGT said “no decisions have been made by the board regarding any particular alternative available to the company and there can be no assurances that any transaction or other strategic change will be entered into as a result of the current exploration of alternatives.”

IGT declined comment beyond the statement.