PlayAGS has confirmed that it will not accept a takeover bid from Inspired, after weeks of speculation.
Rumours of a deal first emerged in August, with PlayAGS confirming that it had been approached regarding a potential $370m (£305m/€361m) takeover from an unnamed source.
At the time, the Reuters news agency reported that sources close to Inspired said the company had offered $10 for each PlayAGS share.
Yesterday (8 September), in a filing to the US Securities and Exchange Commission, PlayAGS stated that discussions of a takeover had ended.
“As previously disclosed, on 12 August 2022, PlayAGS indicated that it was in preliminary discussions with a third party that Reuters had identified as making an offer to acquire the company,” read the statement. “Such discussions have concluded without a transaction.”
On the day the news of the deal broke, PlayAGS shares shot up by 25% to $7.25.
Today (9 September) PlayAGS shares are trading up 2.97% at $6.25 per share, with shares in Inspired Entertainment up 1.59% at $11.52 per share.
In the first half of the year, Inspired saw its revenue increase to $71.3m as a result of expansions in virtual sports.
