North American B2B technology provider and B2C online sports betting operator GAN Limited has entered into a definitive Agreement and Plan of Merger with Sega Sammy Creation.
Under the terms of the agreement, at the time of the merger, each of GAN’s issued ordinary shares will be converted into the right to receive in cash $1.97 per share, a premium of 121 per cent on the closing price of GAN’s ordinary shares on the last trading day prior to this announcement, November 7.
"After a thoughtful review of value creation opportunities available to us, we are pleased to have reached this agreement with SSC,” said Seamus McGill, chairman and interim CEO of GAN. "Market share concentration in the US B2C space, a slower than expected adoption of regulated online gaming in the US, along with changes to key customer contracts make the near-term operating environment challenging without ample capital resources.
“Sega Sammy has those resources and GAN is a strategic complement to their existing gaming portfolio. We believe this all-cash offer, at a substantial premium to recent trading prices, is the value-maximizing path for our shareholders.”
