Multimedia Games shareholders approve GCA merger
Gaming technology developer and distributor Multimedia Games has confirmed that its shareholders have given their approval for the firm’s merger with Global Cash Access (GCA), a provider of cash handling solutions and business intelligence services.
As reported by iGaming Business, GCA struck a deal in September to acquire Multimedia Games for an aggregate purchase price of $1.2 billion (€974.5 million).
More than 99% of the votes represented were cast at the meeting, or around 87% of the total outstanding shares of common stock eligible to vote as of the October 21 record date, voted in favour of the merger.
Shareholders also opted to approve the non-binding advisory proposal regarding merger-related named executive officer compensation with a vote of around 90% of the votes represented and cast at the meeting.
Upon the closing of the agreement, Multimedia Games shareholders, apart from other those who have exercised rights of appraisal, will be entitled to receive $36.50 in cash for each share of Multimedia Games common stock owned at the time of the closing.
Although expected to be completed by the end of the year, the merger remains subject to certain required regulatory approvals and other customary closing conditions.
Related article: GCA to acquire Multimedia Games for $1.2bn