Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Search Our Archive of Gaming Articles 

Anchor, IGT Merger Set to Close

27 December 2001

by Jeff Simpson

LAS VEGAS -- International Game Technology and Anchor Gaming announced Wednesday that IGT's $1.2 billion purchase of Las Vegas-based Anchor is expected to take place Sunday.

Anchor will become a wholly-owned subsidiary of IGT in a stock-for-stock deal, with each Anchor shareholder slated to receive one share of IGT stock for each surrendered share of Anchor.

"I'm pleased that this important transaction will be completed in a timely manner," said IGT President and Chief Executive Officer Tom Baker in a Wednesday statement.

Anchor Gaming stock will cease to trade on the Nasdaq at Friday's market close.

As a precursor to the merger, Las Vegas-based Anchor announced Wednesday it reached a deal to sell its San Diego-area tribal casino management contract for $77 million.

Under terms of the planned sale, the Pala Band of Mission Indians will pay Anchor $14 million when the deal closes, and will sign a $63 million promissory note to complete the purchase.

Both Anchor and IGT shares hit 52-week highs Wednesday.

IGT shares were up $1.97 Wednesday, closing at $69.26 on the New York Stock Exchange.

Anchor shares were up $2.02 on Wednesday, closing at $69.33 on the Nasdaq.

< Gaming News