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Stock Market & Financial Investment News

News Breaks
February 7, 2013
09:10 EDTIGTOrange 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."
News For IGT From The Last 14 Days
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April 15, 2015
17:07 EDTIGTInternational Game subsidiary awarded $75M-$80M Minnesota Lottery contract
International Game subsidiary GTECH Corporation has entered into a contract with the Minnesota State Lottery to provide new lottery technology, an IP-communications network, multimedia displays, self-service products, and ongoing support services, following a competitive procurement. The 7.5 year integrated services contract with the Lottery contains three renewal options of one year each, or up to one renewal of three years, or any variation thereof. The company expects to receive approximately $75M-$80M in revenues over the base 7.5 year contract period, which runs through August 9, 2023.

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