Shareholders of NYX Gaming Group meeting in Las Vegas yesterday overwhelmingly approved the $631m acquisition of the company by fellow gaming giant Scientific Games Corporation.
In two separate votes on a scheme of arrangement filed with a Guernsey court, 99.6% of shareholders present passed a resolution approving the scheme, and in a second vote 99.8% of shareholders present passed a special resolution authorising the directors of NYX to take steps to give effect to the scheme.
The second vote also authorised directors to make certain amendments to the articles of incorporation of NYX for purposes of implementing the scheme.
Under Guernsey law, acquisition votes must receive at least 75% support from shareholders before any approval can take place. A final hearing before the Royal Court of Guernsey will take place on 5 January in which a judge will potentially approve the results of the vote and ratify the acquisition.
Voicing his approval of the shareholders' vote, NYX Gaming Group CEO Matt Davey said: “The acquisition will be a win-win for both companies and our collective shareholders.
“By joining Scientific Games, we will become part of a company with unmatched global reach, resources and industry leading content. The leaders of both NYX and Scientific Games are committed to delivering significant value for our customers across the full spectrum of digital gaming.”
The acquisition had looked to be in jeopardy last month when William Hill attempted to convert its preference shares into ordinary voting stock and vote against the bid, prompting an anti-trust lawsuit by both Scientific Games and NYX Gaming and a flurry of financial activity by investors.
Affirming their commitment to the acquisition, both companies signed an amended agreement that a cash offer takeover would take place, should shareholders not approve the acquisition. However this was not needed, with major shareholders Sky Bet, Pollard Equities, and finally William Hill signing agreements to support the Scientific Games acquisition bid.
Scientific Games CEO and President Kevin Sheehan added: “We are thrilled by the strong support from NYX shareholders and we are very excited about our combined companies’ future growth potential. By bringing together Scientific Games and NYX, we will create a world leader in digital gaming and sports betting, a company with an unrivalled end-to-end product portfolio and an innovative driving force in the industry.”
DISCUSS THIS ARTICLE