International Game Technology and Cyberview Technology, Inc. Announce Preliminary Merger Discussions
RENO, Nev. and LONDON, March 4 - International Game Technology (NYSE:IGT) and Cyberview Technology, Inc. today announced that they are engaged in preliminary discussions regarding IGT's potential acquisition of Cyberview.
The parties have agreed to an exclusive negotiating period. Under the terms being discussed, shareholders, option holders and warrant holders of Cyberview would receive aggregate consideration of up to US$70 million for all of the outstanding equity securities of Cyberview.
Discussions are in early stages. The terms of any potential transaction may be materially different from what is being discussed. The transaction remains subject to negotiation of other terms, completion of due diligence, negotiation of terms of a definitive agreement under Delaware law, regulatory approvals, and approvals of the Boards of Directors of both companies.
If a definitive agreement is reached, approval by Cyberview's shareholders and satisfaction of other closing conditions not yet agreed upon would be required to close the transaction. There can be no assurances that any agreement will be reached or that a transaction will be completed on the terms set forth above or others. There will be no further comment until an agreement is reached or the discussions are terminated.
About International Game Technology
International Game Technology (http://www.igt.com/) is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products.
About Cyberview Technology, Inc.
Cyberview is a leading provider of server-based downloadable gaming systems underpinned by a strong Intellectual property and patent portfolio. The strength of the Company's system is its end-to-end security, flexibility, scalability, reporting capabilities and audit trail. This innovative and flexible technology allows customers to change the game offering on demand, thereby enabling the operator to customise its offering in order to maximise revenue. It also aids administration by providing detailed reports for operators, regulators and the tax authorities. The Cyberview system is easily adapted to meet the needs of various regulatory regimes enabling it to be deployed in most gaming markets and countries across the world.
The Company's products include:
Gaming machines supplied to UK bookmakers; VLT (Video Lottery Terminals) to lotteries and other gaming operators; Server-based downloadable gaming slot machines to the casino industry.
FCMN Contact: rick.sorensen@igt.com
Source: International Game Technology
CONTACT: marketing, Ed Rogich, +1-702-896-8690, both for IGT; or Mark Nanovich,
+44 (0) 20 7761 3000, or Fiona Noblet, Hogarth Partnership,
+44 (0) 20 7357 9477, or Paul Vanstone, Arbuthnot Securities,
+44 (0) 20 7012 2000, all for Cyberview Technology, Inc.
Web site: http://www.igt.com/
