Las Vegas-based table game equipment supply giant Gaming Partners International has entered into a merger agreement that will see the company—itself a product of major table supplier mergers—be acquired by Japanese playing-card supplier Angel Holdings.
Under the merger agreement, Angel will pay $13.75 per share for 100 percent of GPI in a cash deal estimated at $109.5 million. GPI will then be an Angel U.S. subsidiary, AGL Nevada Corp. However, the company’s identity will remain intact.
“The merger agreement provides for a go-shop provision under which, subject to certain limitations and conditions contained in the merger agreement, GPIC and its board of directors may actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals to the proposed merger transaction until February 2, 2019,” Angel said in a statement published by CalvinAyre.com.
According to the report, the purchase still must be approved by shareholders of both companies and regulatory authorities. Angel will assume all of GPI’s gaming licenses.
GPI was founded in 1993 through a merger of French casino currency supplier Bourgogne et Grasset, Las Vegas-based Bud Jones Company, which supplied gaming chips to the U.S. market, and Paulson Gaming Company, another major U.S. table-game supplier. Another former U.S. supplier wrapped into GPI is Gemaco, the Ohio-based playing card manufacturer.
