Bally Technologies Purchasing SHFL for $1.3 Billion
SHFL (formerly known as Shufflemaster) made its name in the gambling industry with a line of highly regarded automatic shuffling machines. In recent years, they Minnesota company added a variety of electronics to its product line including electronic table games and chip sorting machines.
Their products are a good fit with Bally Technologies’ line, which consists primarily of slot-machine and slot-machine related accessories. Bally Technologies made news last year when they became the first company in US history to receive a legal, American Online Gaming License.
According to a report on VegasInc.com, SHFL will be receiving $23.25 per share, as well as $41 million in cash. Bally will also be taking on $8 million in SHFL’s accumulated debt. All told, the deal is worth around $1.3 billion (€99 million).
Due to the size of the transaction, Bally Technologies will need SHFL shareholders to OK the deal. If all goes according to plan, the deal should be completed sometime in 2014. News of the deal sent SHFL stock soaring from $18.70 at the end of trading to $22.83 by midday Tuesday.
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