Gaming Partners International Corp. (NASDAQ: GPIC) rose sharply Wednesday after the company agreed to be acquired by Angel Holdings for $110 million.
The Las Vegas-based reported that Angel will acquire GPIC for cash in a transaction valued at approximately $110 million. The consideration to be paid to GPIC's stockholders will be $13.75 in cash for each share of GPIC common stock.
The merger agreement was unanimously adopted by a special transaction committee of independent directors of the board of directors of GPIC as well as the full Board. In addition, GPIC stockholders holding approximately 51% of the outstanding shares have signed a voting agreement to vote "for" the transaction.
Under the terms of the merger agreement, stockholders of GPIC will receive $13.75 in cash in exchange for their shares. Upon closing of the transaction, Angel will own 100% of GPIC.
The Kyoto, Japan-based Angel manufactures and supplies playing cards and card games for both the gaming industry and the retail market. A world leader in casino playing cards and table game equipment, Angel's many groundbreaking innovations include the best-selling Angel Protect Pre-shuffled Cards, and the Angel Eye® series of electronic shoes.
GPIC, for its part, manufactures and supplies casino table game equipment to licensed casinos worldwide.
GPIC shares galloped $5.52, or 71.8%, to $13.21, soon after Wednesday’s open
