Brief: Engine Capital Says Delivered Letter To Sciplay Board, Board Of Light & Wonder

SciPlay

03/10/2022 22:53

Oct 3 (Reuters) - Engine Capital: 
    * ENGINE CAPITAL - ON OCTOBER 3, 2022, ENGINE CAPITAL
DELIVERED A
LETTER TO SCIPLAY BOARD AND THE BOARD OF DIRECTORS OF LIGHT &
WONDER
    * ENGINE CAPITAL - BELIEVE AN EASIER SOLUTION EXISTS WHEREBY
LIGHT
& WONDER ACQUIRES SCIPLAY FOR $15.00 TO $16.00 PER SHARE
    * ENGINE CAPITAL - RECOMMENDED TRANSACTION WITH SCIPLAY IS
IMMEDIATELY ACCRETIVE TO LIGHT & WONDER
    * ENGINE CAPITAL SAYS COMBINING LIGHT & WONDER, SCIPLAY
WOULD
SIMPLIFY REPORTING STRUCTURES AND CREATE COST SAVINGS ESTIMATED
AT BETWEEN $5 AND $10 MILLION
    * ENGINE CAPITAL SAYS ALSO ENCOURAGE LIGHT & WONDER TO ENTER
INTO
A PRE-ARRANGED REPURCHASE PLAN
    * ENGINE CAPITAL -IF DEAL CAN’T BE REACHED BETWEEN LIGHT &
WONDER
AND SCIPLAY,  WOULD ENCOURAGE SCIPLAY TO START A REVIEW OF
STRATEGIC ALTERNATIVES
    * ENGINE CAPITAL SAYS BELIEVE AN ALL-CASH TRANSACTION AT THE
RIGHT
PRICE TODAY IS FAR SUPERIOR TO THE ALTERNATIVE OF KEEPING
SCIPLAY PUBLIC
    * ENGINE CAPITAL -IF DEAL CAN’T BE REACHED BETWEEN LIGHT &
WONDER
AND SCIPLAY,  WOULD ENCOURAGE SCIPLAY TO LOOK FOR BUYER
    * ENGINE CAPITAL SAYS STRONGLY BELIEVE A TRANSACTION WHERE
LIGHT &
WONDER ACQUIRES SCIPLAY MAKES STRATEGIC SENSE FOR ALL PARTIES
INVOLVED
    * ENGINE CAPITAL - FORMALLY REQUESTING MEETING WITH MEMBERS
OF
LIGHT & WONDER, SCIPLAY BOARDS TO DISCUSS MATTERS, INITIATIVES
SET FORTH IN LETTER
    * ENGINE CAPITAL MANAGEMENT, LP REPORTS 5.7% STAKE IN
SCIPLAY CORP
AS OF SEPTEMBER 22, 2022 - SEC FILING

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