Inspired Entertainment offers 370m to acquire PlayAGS

Inspired Entertainment has made a $370m offer to acquire PlayAGS, according to Reuters

Inspired Entertainment has made a $370m bid to gain PlayAGS, according to Reuters.

The gaming equipment provider has offered $10 per apportion inward immediate payment to acquire the expansion slot simple machine maker. PlayAGS shares ended trading on Th at $6, jumping 25% on Fri upon the tender to $7.52.

While Inspired Entertainment declined to commentary on the matter, PlayAGS confirmed inward a statement that it had received a proposal, noting that it did non admit the offering but remained in prelude discussions nigh a possible deal. The grouping added that no dealings was certain.

Speaking on an analyst telephone on Wednesday, Inspired Entertainment CFO Jimmy Stewart Baker said the mathematical group was actively looking for at a list of M&A activities.

“We are certainly willing to utilize cap for M&A if it’s something that strategically fits with what we are trying to do,” said Baker. “And there seem to be a lot of things around rightfulness now presenting themselves as possibilities.”

Based inwards Las Vegas, PlayAGS makes gaming tables and interactive solutions for gaming houses. It is backed past buck private equity steadfast Phoebus Global Management, and went public in 2018.

The companion is worth just a fifth of what it was valued at inwards 2019, mostly due to the restrictions inwards put amid the Covid-19 pandemic, with the gambling casino gaming manufacture and its vendors run into specially hard. The grouping did, however, beat up analyst estimates inwards its every quarter results utmost week, reporting $76.6m inwards revenue for the period.

New-York based Inspired has a market time value of around $400m, with the accompany endure week reporting a 72% year-on-year growth in quarterly revenue to $71.3m.

Gambling Insider has reached out to both companies for comment.

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