Scientific Games on Wednesday announced it has withdrawn its all-stock offer to acquire the remaining 19 per cent equity interest in SciPlay that it doesn’t own.
The company back in July offered to merge with SciPlay in a transaction that would have seen SciPlay shareholders receive 0.25 of an SG share in exchange for every stock they own and was set to create a combined company with a market value of around $7bn.
SG said it will now retain its 81 per cent economic interest and 98 per cent voting interest in SciPlay.
“In line with our approach to capital management and disciplined M&A we have decided that continuing to pursue this opportunity would not be prudent for our shareholders at this time,” said Barry Cottle, president and chief executive officer of Scientific Games.
