London-listed gaming solutions provider GAN has commenced a formal sale process as part of a review of its strategic alternatives.
GAN has appointed Union Gaming as its financial advisor to assist in the process, which could see the board re-list the company on a US stock exchange, sell a non-controlling stake in the business, or sell out entirely.
GAN’s board said that it initiated the review “in order to maximize value for shareholders and properly recognize both the value and the scarcity of the company's US-facing assets”, which include US gaming licenses, technology platform, patented intellectual property, operational services and clients.
The company has engaged in a formal sale process under the City Code on Takeovers and Mergers, enabling it to sidestep rules requiring interested parties to be publicly identified. Any interested party participating in the formal sale process will also not be subject to the 28-day offer deadline contained in the code.
GAN confirmed Friday that it is not currently in discussions with any third party regarding a potential sale, and also announced the retirement of non-executive director Roger Kendrick.
“I'll take this opportunity to thank Roger Kendrick, a member of our board of directors since June 2008, whose retirement was announced today as he approaches his 74th birthday,” said GAN chief executive Dermot Smurfit. “I wish to thank Roger for his extended service and wish him the best for the future.”
Shares in GAN plc. (AIM:GAN) were trading down 1.96 per cent at 50.00 pence per share in London early Friday morning.