PlayAGS rejected Inspired Entertainment’s takeover offer, which had offered $10 per share, totaling about $370 million. The supplier has specified that it is only rejecting this particular offer and will remain in contact with Inspired.
In a statement, the AGS Board and management stated that they are fully committed to focusing on the interests of the company, therefore, they will carefully review any proposal received.
Following news that an offer had been made, PlayAGS shares rose 34% from $6.04 to $8.06 on Friday (12), and opened at $8.25 on Monday. fair (15).
Earlier this month, AGS reported its first net income since Q4 2019 and a 6% increase in Adjusted EBITDA for Q2 2022. In the same report, AGS reported a 40% increase in domestic sales of equipment.
The company had generated $1.5 million in net income for the second quarter of 2022, compared to a net loss of $3.9 million for the same period a year earlier. According to AGS, the increase reflected improvements in operational performance.
Addressing the company’s second-quarter financial performance, PlayAGS President and CEO David Lopez said, “Our second-quarter results reflect the growing returns we are achieving as a result of the significant investments made in our R&D, sales and product management in the last 24 months”.
These latest positive results are catching the attention of other companies in the sector, causing new offers for partnerships or even purchases to appear.
About PlayAGS
PlayAGS is a provider of gaming products and services to the iGaming industry. The company is focused on supplying electronic gaming machines (EGMs), including slot machines, video bingo machines and other electronic gaming devices, to the general market.
