GAN
GAN Announces Definitive Agreement to be Acquired by SEGA SAMMY CREATION
Purchase price of $1.97 per share represents over 120% premium to latest closing price
All-cash transaction subject to customary closing conditions, regulatory approvals, and approval of GAN shareholders
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, today announced that the Company has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Sega Sammy Creation Inc., (“SSC”), a wholly-owned subsidiary of Sega Sammy Holdings, Inc. (“Sega Sammy”) an international conglomerate operating in the entertainment, gaming and resorts businesses.
Under the Merger Agreement, at the effective time of the merger, each of GAN’s issued ordinary shares will be converted into the right to receive in cash $1.97 per share, which reflects a premium of 121% over the closing price of GAN’s ordinary shares on November 7, 2023, the last trading day prior to the date of this announcement.
Seamus McGill, Chairman and Interim Chief Executive Officer of GAN, commented: “After a thoughtful review of value creation opportunities available to us, we are pleased to have reached this agreement with SSC. Market share concentration in the U.S. B2C space, a slower than expected adoption of regulated online gaming in the U.S., along with changes to key customer contracts make the near-term operating environment challenging without ample capital resources. Sega Sammy has those resources and GAN is a strategic complement to their existing gaming portfolio. We believe this all-cash offer, at a substantial premium to recent trading prices, is the value-maximizing path for our shareholders.”
Approvals and Timing
The proposed merger is subject to the approval of GAN shareholders. The Company will ask its shareholders to consider and vote to approve the Merger Agreement at a Special Meeting of Shareholders, which is expected to be held no later than March 31, 2024.
Award-winning provider makes key hire to secure its position as one of the industry’s top employers
Full-service betting and gaming platform provider Sportingtech has hired Claire Bailiss (pictured) as Chief People Officer (CPO) to increase employee engagement, promote a positive working culture and lead talent development.
Bailiss joins Sportingtech from American iGaming platform GAN, where she worked for more than seven years, most recently as Director of HR. She has previously worked at Ask. com as HR Business Partner and Turner Broadcasting System and EMI Group as HR Manager.
At Sportingtech, she will develop and implement the company’s human resources strategy and policies, lead a wider HR and talent acquisition team and foster a productive work environment that promotes diversity, equity and inclusion.
Bailiss will also implement programmes to attract and retain top talent and manage professional development, compensation and benefits.
After a series of internal promotions, Sportingtech has now introduced the role of CPO to further enhance its positive working environment and boost employee satisfaction.
“I am delighted to officially welcome Claire as our new Chief People Officer,” the Chief Executive Officer for Sportingtech, Tom Ustunel, said. “Claire has been successfully building high-performing teams and fostering positive environments for more than two decades.
“Our brilliant team is our strongest asset and under Claire’s leadership we look forward to strengthening our position as one of the industry’s best employers.”
“People are at the heart of what makes Sportingtech so successful, which is why I am delighted to join this brilliant company as CPO,” Bailiss said. “I will look forward to working with new and existing members of the Sportingtech team as they share in the company’s achievements and build on its continued growth.”
GAN
GAN Files Definitive Proxy Statement and Will Hold Special Meeting of Shareholders to Vote on Merger with Affiliate of SEGA SAMMY HOLDINGS, INC.
GAN, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that the Company will hold its Special Meeting of Shareholders to vote on the proposed merger with a subsidiary of SEGA SAMMY CREATION INC., an affiliate of SEGA SAMMY HOLDINGS, INC. The meeting will take place on Tuesday, February 13, 2024, at 10:00 AM Pacific Time and will be held in a virtual format via live audio webcast. The unique link to join the webcast will be provided to shareholders upon registering to attend the meeting.
Shareholders of record as of the close of business on January 2, 2024, and shareholders holding a legal proxy for the meeting, are eligible to vote at the meeting. Shareholders who are eligible to vote have been mailed a notice of special meeting, proxy statement, proxy card and instructions on how to vote their shares. Shareholders are encouraged to vote and submit proxies as early as possible in advance of the meeting by one of the methods described in the proxy statement.
Shareholders will find important information and detailed instructions about how to participate in the virtual meeting in the proxy statement that is available on the Company’s website, www.gan.com, within the Investors page.
Approval allows GAN to commence operations in Nevada
GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that it has received regulatory approval from the Nevada Gaming Commission. The approval allows GAN to commence field trial operations of its GAN Sports betting platform with its Nevada customers after the platform is certified and approved.
GAN Sports has built the infrastructure to deploy into the Nevada market, including mobile applications and retail sports betting.
Seamus McGill, Chairman and Interim CEO of GAN, commented: “We are very pleased and humbled to have received regulatory approval from the State of Nevada to hold a gaming license. We are excited that we will be launching our leading-edge GAN Sports product in Nevada in the next few months. The Las Vegas Locals market is one of the largest and most recognizable gaming markets in the world, and we are incredibly excited to be entering it. This is the 3rd state where our B2B sports betting technology and trading solution, GAN Sports, will be operational, and we look forward to bringing a unique and fun wagering experience to a large and growing market.”
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