GAN shareholders approve Sega Sammy acquisition

Shareholders in iGaming platform provider and operator GAN have voted in favour of its proposed acquisition by Sega Sammy Creation (SSC), a division of Tokyo-listed Sega Sammy Holdings.

At a special general meeting of its shareholders held yesterday, over 95 per cent of the votes cast voted in favour of the acquisition.

Shareholders also approved, on a non-binding advisory basis, the compensation that may be paid or become payable to GAN’s named executive officers in connection with the merger.

Closing of the transaction is expected to occur in the third quarter or fourth quarter of the fiscal year ending March 2025, subject to the satisfaction or waiver of certain conditions to closing.

Following completion, each GAN ordinary share will be automatically cancelled and converted into the right to receive $1.97 in cash, without interest and less applicable withholding taxes.

GAN will cease to be a publicly-traded company and its ordinary shares will be delisted from The Nasdaq Capital Market.

Last week Sega Sammy Holdings reported a 29 per cent increase in net sales to ¥349.92 billion (approximately €2.17 billion) for the nine-month period ended 31 December, with profit for the period climbing 8 per cent to ¥35.33 billion.

Shares in GAN Ltd (NASDAQ:GAN) closed 1.29 per cent higher at $1.57 per share in New York Tuesday, while shares in Sega Sammy Holdings Inc (JPX:6460) closed 1.22 per cent lower in Tokyo earlier Wednesday at ¥1,826.50.