SciPlay hits 1-year low after Scientific Games withdraws offer for stake

SciPlay

23/12/2021 16:47

** Shares of game developer  SCPL.O  plunge as much as 21%
to over one-year low of $12.25 after Scientific Games  SGMS.O 
withdraws offer to buy remaining stake in SCPL  urn:newsml:reuters.com:*:nL4N2T73JS
    ** SCPL set for worst day ever if losses hold; co among top
pct losers across U.S. exchanges
    ** SGMS in July had made all-stock offer to acquire
remaining 19% stake in SCPL it does not currently own; deal
implied enterprise value of $1.9 bln for SCPL  urn:newsml:reuters.com:*:nL4N2OR33B
    ** SCPL on Wednesday after close said SGMS' offer
undervalued SCPL, and cos were unable to reach agreement on
better offer during negotiations  urn:newsml:reuters.com:*:nPn6WmTNKa
    ** SGMS said deal "would not be prudent for our
shareholders"  urn:newsml:reuters.com:*:nPn7LDLXPa
    ** SGMS will retain 81% economic interest and 98% voting
interest in SCPL
    ** Around 7.6x of SCPL's 25-DMA shares traded; stock's most
active day since July
    ** SGMS gains as much as 10%; co's best day in over a year
    ** SCPL had risen 12% this year through Wed's close

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com ; Twitter: https://twitter.com/ruhithere
 ;;))