Orange Capital recommends International Game commence tender Orange Capital said it has issued an open letter to the board of International Game Technology in response to the company’s recent share price performance and election contest with the Ader Group. The letter stated in part, "IGT’s valuation is near its all-time low on the basis of net income and cash flow. We believe this reflects the investment community’s lack of faith in the operating strategy and capital allocation decisions of IGT management and the Board of Directors. Based on the Company’s fiscal 2013 guidance, IGT will generate approximately $400 million of after-tax free cash flow. This represents nearly 10% of the Company’s current market capitalization. Specifically, we have two recommendations for the Board: 1. Immediately commence a “Dutch Auction” tender offer for 25% of IGT’s outstanding shares; and 2. Amicably resolve the ongoing election contest with the Ader Group by agreeing to reconstitute the Board to include the Ader Group’s director nominees."