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Autotote and Scientific Games Announce Expiration of Antitrust Waiting Period10 July 2000NEW YORK and ALPHARETTA, Ga., July 10 (Press Release) -- Autotote Corporation (Amex: TTE - news) and Scientific Games Holdings Corp. (NYSE: SG - news) announced today that the applicable waiting period under the Hart-Scott-Rodino Act has expired without the Department of Justice taking any action in opposition to the proposed merger in which Scientific Games is planned to become a wholly owned subsidiary of Autotote. On May 19, 2000 Autotote Corporation and Scientific Games announced a merger agreement calling for Autotote to pay $26 per share in cash, or a total of approximately $310 million, to the shareholders of Scientific Games in connection with that merger. The merger is subject to, among other things, approval by Scientific Games' shareholders and certain government entities and agencies. Affiliates of Donaldson Lufkin Jenrette and Lehman Brothers have issued a commitment letter to provide debt financing for the acquisition and related costs. In a separate transaction, Olivetti S.p.A. issued a commitment letter providing for the purchase by Olivetti or its affiliates of $100 million of new Autotote preferred stock, convertible into Autotote common stock which, upon conversion, would constitute approximately 30% of the outstanding common stock. Other investors have issued a similar commitment letter to purchase an additional $10 million of convertible preferred stock. Olivetti's affiliate Lottomatica S.p.A. has completed a filing under the Hart-Scott-Rodino Act with respect to the investment in Autotote preferred stock, for which the applicable waiting period is scheduled to expire on or about August 1, 2000. |