Italy’s Snai Mulls €600 million Offer from Equity Funds27th November 2009 11:57 am GMT
Heavily ladened with debts, Snai S.p.A, one of Italy's leading gaming operators, has received a binding offer of €600 million for the company's Italian gaming business from private equity funds Bridgepoint and Axa Private Equity.
Snai said that the joint offer, in which Bridgepoint would own 75% and Axa 25%, is for the "reorganisation of the company's gaming business."
After announcing earlier this week that the company had been contacted by various private equity funds but had not yet received a binding offer, Snai's board has now confirmed that the offer by Bridgepoint and Axa is "worthy of further examination" and that it has "mandated its advisors to evaluate the offer."
Shares in Snai S.p.A (MIL:SNA) have gained 7.21% to €3.09 per share in Milan today following the announcement.