Integrity Gaming shareholders approve AGS acquisition
Shareholders at Integrity Gaming have voted to approve the slot route operator’s pending acquisition by gaming technology supplier PlayAGS.
AGS, which designs and provides electronic gaming machines, table products and interactive solutions to the market, in December agreed to purchase all of the issued and outstanding shares in Integrity Gaming.
The agreement is worth $0.46 in cash for each share held, which equates to a total purchase price of $49m (£38m/€43.2m).
Integrity Gaming - which supplies slot machines to casino operators, usually on a revenue-share basis - this week hosted a meeting on the deal, where 99.99% of the votes cast by shareholders were in favour of the proposed acquisition. The deal required a minimum of 66% approval from shareholders in order to proceed.
Today (February 7), Integrity Gaming will seek final approval from the British Columbia Supreme Court to complete the transaction. Subject to certain closing conditions, Integrity Gaming expects to finalise the deal by tomorrow.
Should the deal go ahead as expected this week, Integrity Gaming will be deleted from Canada's TSX Venture Exchange on Friday.
Speaking at the time of the original announcement, Robert Miodunski, interim CEO at Integrity Gaming, said the deal would benefit the company and its customers, citing AGS’s ability to “manage a large footprint of leased games to drive strong performance for gaming operators”.
Miodunski has been serving in his role at Integrity Gaming since June of last year, when Peter Macy stepped down as CEO. Miodunski was previously chairman of AGS and also had a spell as both president and chief executive of Alliance Gaming Corporation, the predecessor to Bally Technologies.
Andrew Burke, vice-president of slot products at AGS, also said: “The Integrity team has built a strong business, with an installed base of more than 2,700 Class III and Class II games in Oklahoma and Texas, partnering with some of the largest tribal gaming operators in the United States. AGS' roots are in Oklahoma, and we are excited to invest further in a market we are so passionate about and where we already have strong sales and customer support networks.”