for instance- S&P index funds must dump igt and cannot hold the new IGT --- others will be jumping on the new IGT train -- but few are interested in getting involved in the transaction
looking forward to see mid April
"NEW YORK, March 27, 2015 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices:
S&P 500 constituent Windstream Holdings Inc. (WIN) will replace International Game Technology (IGT) in the S&P MidCap 400,"
deal is "done"
igt share price is insignificant
gtk share price is key
there are some shareholders in both camps that don't want to participate
and end up with the new IGT shares in accounts
some may not even be allowed to have foreign co stock in accts on both sides of the pond
lets see what happens with the new IGT stock after April 7th
that is all that matters significantly at this point
thanks - was thinking they would have to swap the shares in one transaction -- and it will be nice if they deposit the $$ that soon...
lookin forward to see what the new IGT does
not worried == got shares and exercising options on more Friday
just curious as to why gtec WAS going down...
given that IGT will be a "fantastic investment"
Curious as to what GTECH shareholders are selling in recent days.... those dissatisfied with the deal?? or major holders wanting to reduce the number of shares awarded to current IGT holders and minimizing their dilution?? Seems this is a financial positive for both companies in the end but if gtech price is held down we IGT holders will get less......
ROME and PROVIDENCE, R.I., March 16, 2015 /PRNewswire/ -- GTECH S.p.A. ("GTECH") announced today that the High Court of England and Wales has issued the order approving completion of the cross-border merger of GTECH with and into International Game Technology PLC (the "Merger").
The Merger will become effective at 12.01 a.m. [GMT] on 7 April 2015, subject to the satisfaction or waiver of the remaining conditions precedent set out in the merger agreement for the acquisition of International Game Technology dated 15 July 2014, as amended on 23 September 2014, and listed in the Merger documentation.
we have 11-12 days left of the 20 day measurement period - they will select 10 random days to average to get the price of newco -- if it is 21.31 or above we get the full 18.25 in cash and shares -- note that the new shares will immediately move up/down on the opening day so a few pennies either way are not a big deal
IMO this combination will result in more than the sum of the parts - particularly without the burden of a dividend
looks like the 20 day clock started on March 4 and gtec was at 22.13
hopefully some of the 10 random selected trading days come from the beginning of the 20 day period - or gtec moves back up a little in the days before April 2nd --- gtec= $20.17 today
lachicago - you should read it again
"if the GTECH Share Trading Price is less than approximately $21.31, then the value of the
consideration delivered to IGT shareholders would be less than $18.25 per share of IGT common
that is why igt price has dropped even lower -- I do feel the newco/IGT will be a significantly healthier company that will warrant a RISE in sp
guess you have to believe the newco gtec/igt combo will go up vs down after april 7
that is the only risk of ownership -- I happen to think it will do well
holding on for the ride and have calls that I will exercise before Mar 20 so a drop here is fine with me
I think they said they had one more customary approval in Italy
expect we should get a little pop when that happens
+ when they announce the particulars on the stock+cash issue
the 2.5% div from igt was nice but Im looking forward to seeing what happens with the new IGT stock
synergies+div added back to earnings should boost the sp
appears this is essentially an $18.25 stock selling at a discount today.
and if we believe the combination of these companies [possibly with no div burden]
will be worth more than the parts - then the price of newco/IGT will rise after closing...
looking forward to seeing the bottom line in April
The transactions contemplated by the Merger Agreement remain subject to U.K. court approval and other customary closing conditions set forth in the Merger Agreement, and are currently expected to close in early April 2015.
ROME and PROVIDENCE, R.I., Feb. 26, 2015 /PRNewswire/ -- GTECH S.p.A. today announced that the Nevada Gaming Commission unanimously approved GTECH's pending acquisition of International Game Technology (IGT). This is the final gaming authority approval required to complete the transaction announced on July 16, 2014. A court order expected in the coming weeks from the U.K. Companies Court specifying the date of the effectiveness of the merger of GTECH with and into International Game Technology PLC (formerly known as Georgia Worldwide PLC) is the final condition to closing, other than other customary closing conditions. The acquisition of IGT is expected to be completed substantially concurrently with the GTECH/International Game Technology PLC merger.
I was considering that one banked since it was announced - but don't think it will go out to June - agreeing with xmen's timing
also from gtec's site
"LONDON, Jan 29 (IFR) - Italy's GTECH could launch the multi-billion dollar bond deal backing its acquisition of US slot machine maker International Game Technology as soon as next week, according to a banker close to the transaction."
looks like they think we are getting close....
either way Im just waiting..
why do you not like NewCo after the close - looks like a much larger, more efficient co - overall reduced marketing cost - no dividend cost [at least at start] -- seems it should be a more profitable company than either of the parts.......