The acquisition of Gaming Partners International Corporation (GPI) was announced in November last year, and it is now that the acquiring firm Angel Holdings Good Kaisha has announced that the acquisition is in its final stage.
According to the reports, the entire process could be complete by May 1. Following the acquisition Japan-based, Angel Holdings will have to file the details with NASDAQ stock exchange for delisting of the GPI stocks.
Angel Holdings has purchased all GPI shares at $13.75 each, and with the closure of the deal, they will also own 100 percent stakes in the gaming company. The entire acquisition was finalized at $110 million.
With both companies operating in the gambling industry the merger was pretty much anticipated by analysts. GPI manufactures casino gaming tables and other pieces of equipment while Angel Holdings is amongst the leading card manufacturers and distributors globally.
Initially, when the deal was signed, it was announced that it would be completed by December 1, last year. However, seeking a revision, GPI persisted that the go-shop provision be included in the deal. Earlier the go-shop window was only available until February 2.
The Go-shop provision allowed GPI to look for a better deal, which meant that even after signing the contract the company could shop for a better deal, and if found, the previous agreement with Angel would be null and void.
However, despite booking profits, GPI could not manage to find a better deal, and Angle Holdings had to pay $110 million for acquisition.