Scientific Game

Scientific Games lifts NYX ownership to 36% amid takeover moves

Monday, 27 November 2017 06:36
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Scientific Games Corporation has announced the acquisition of almost 27.4 million ordinary shares of NYX Gaming Group Limited, boosting its stake in the company from 10.72% to 36.01% as its plan to assume ownership takes shape.

Scientific Games announced in September that it had reached a deal with NYX to acquire all of the outstanding ordinary shares of the company at a cost of US$631 million in what it said would create a “digital gaming powerhouse.”

The two parties issued a further announcement last week that Scientific Games would commence a contractual takeover offer to NYX shareholders should the original acquisition plan be rejected by shareholders at an upcoming vote on the matter in December. The takeover offer would include a minimum tender condition requiring Scientific Games to acquire no less than one ordinary share more than 50% of the ordinary shares of NYX outstanding.

In a statement released over the weekend, Scientific Games said it had now acquired ownership of 27,376,036 ordinary shares of NYX as well as 3,535,178 warrants to acquire ordinary shares of NYX and 40,000 Class A exchangeable preferred shares of NYX Digital Gaming (Canada) ULC – a subsidiary of NYX. The Exchangeable Preferred Shares are exchangeable for an aggregate of 9,174,364 ordinary shares of NYX.

The total price of the acquisition paid to four NYX shareholders amounts to CAD$87.7 million (US$69 million).

Scientific Games said that its stake will increase to 38.04% if all of the warrants acquired are exercised, 41.01% if all of the Exchangeable Preferred Shares are exchanged and 42.74% if both the warrants and Exchangeable Preferred Shares are exercised and exchanged.

 

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