Targeting A Takeover Of A Giant Slot Machine Manufacturer

From the official press release:

BOCA RATON FLORIDA — Celebrated casino industry icon Gary Green has assembled a private equity consortium to purchase the slot machine business vertical of IGT (International Game Technology PLC ("IGT") (NYSE: IGT)), the once-behemoth manufacturing company now owned by a UK-based holding company specializing in lotteries.

??????????????Following an announcement last week by IGT’s Board of Directors to explore the possible sale, merger, spin-off, or other strategic value propositions for their slot machine vertical, Green began forming a syndicate of Native American Tribes and Chinese investors as sponsors for the project.

“We have reached the point that our new Private Equity entity can present a Highly Confident Letter and several strategic possibilities that we believe will appeal to IGT’s shareholders and potentially win the endorsement of Deutsche Bank, Macquarie Capital, and Mediobanca —the company’s financial advisors,” explained Green.

??????????????This week, Green sent certified letters to IGT’s Board and Executive Chair, Marco Sala, asking for a meeting with the Board of Directors to discuss strategic opportunities for both companies.

??????????????A long-time casino industry operative, Gary Green is a former Vice President of Trump Hotels & Casinos as well as the best-selling author of “Osceola's Revenge: The Phenomena of Indian Casinos”, and the star of the upcoming television series, “Casino Insider”. He is widely regarded as the driving force behind IGT’s entry into the lucrative Indian Gaming market two decades ago when he personally guaranteed placement of the first 600 of their then-non-existent “Class II” slot machines into Tribal casinos.

??????????????“I have a long history of being tangentially part of the IGT family through several iterations of its ownership. This is a natural next evolutionary step for both of us,” he added, noting his roles in in key positions in smaller slot machine companies and even a brief stint on the board of The Association of Gaming Equipment Manufacturers in addition to his casino executive background.

??????????????Green jointly founded The Gary Green Companies with celebrated Indian Gaming attorney Buddy J. Levy, a pioneering developer of Tribal casinos as well as longtime facilitator of slot machine company licensing. The new P.E. entity is spun from their base.

International Game Technology PLC, formerly Gtech S.p.A. and Lottomatica S.p.A., is a multinational gambling company with more than 65% of its revenue derived from lotteries and internet gambling. The company is headquartered in London, with major offices in Rome, Providence, Rhode Island, and Las Vegas. It is controlled, with a 51 percent stake, by De Agostini, an Italian holding company.