NeoGames ADRs more than double on Aristocrat Leisure's $1 bln takeover deal

NeoGames SA

15/05/2023 10:24

** U.S.-listed shares of online gaming solutions provider
NeoGames SA  NGMS.O  rises 121.8% to $28.22 premarket as
Australia's Aristocrat Leisure's  ALL.AX  deal to buy co for $1
bln
    ** Aristocrat to pay $29.50/shr to shareholders of the
Israel-based company, representing a premium of about 130% to
NeoGames' last close of $12.84
    ** NeoGames' market value was $438.4 ml on Friday's market
close 
    ** "The deal announcement validates our view that NGMS, and
the digital gaming group in general, is undervalued by the U.S.
market at present levels," says Jefferies analyst David Katz 
    ** Lasy week NeoGames reported $64.3 mln in Q1 revenue, an
187% jump from a year ago while adjusted EBITDA increased to
$20.2 mln from $8.5 mln
    ** NGMS shares are up 5% this year
    

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))