Gaming Partners International Corporation (GPI) has entered into a merger agreement with Japanese playing card giant Angel Holdings that will see Angel acquire the US-based table game equipment supplier for US$110 million.
GPI announced this week that stockholders holding around 51% of the company’s outstanding shares have signed a voting agreement in support of the transaction, with stockholders to be paid US$13.75 per share.
Once complete, Angel will own 100% of GPI. However, GPI retains the right to negotiate with other potential buyers until 2 February 2019.
The company said it does not intend to disclose developments in relation to this process “unless and until its board of directors has made a decision with respect to any potential superior proposal.”
Angel is one of the world’s leading suppliers of playing cards and holds a significant majority of market share in Macau.
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