SciPlay has formed a special committee of independent directors to evaluate the recent acquisition proposal from majority shareholder Light & Wonder (L&W).
L&W submitted a proposal last month to acquire the remaining 17 per cent equity interest in SciPlay that it does not currently own for $20.00 per share, equivalent to a total of $422 million.
The proposed consideration implies an enterprise value of $2.1 billion for SciPlay, and a premium of 28.5 per cent based on the SciPlay closing share price on 17 May, the last trading day prior to the proposal.
SciPlay’s Special Committee of independent directors is co-chaired by Gerald Cohen and April Henry, with Michael Marchetti and William Thompson serving as members.
The Committee has been granted full authority to independently review and evaluate the non-binding proposal from L&W.
The Committee has retained Lazard as its financial advisor, and Sullivan & Cromwell as legal counsel.
Shares in SciPlay Corporation (NASDAQ:SCPL) closed 1.04 per cent higher at $19.37 per share in New York Thursday.