NYX Gaming Group shareholders approve acquisition by Scientific Games
Shareholders of NYX Gaming Group Ltd. overwhelmingly approved Scientific Games’ bid to acquire the company for $631 million, setting the stage for Las Vegas-based Scientific to become a key player in nationwide sports wagering should it be legalised.
In a pair of votes conducted in Las Vegas Wednesday on a Guernsey court-sanctioned “scheme of arrangement” under the Crown dependency’s corporate law, shareholders cast votes representing 99.6 percent of the shares in the court meeting, then 99.8 percent of the shares on a resolution supporting the court vote.
Guernsey law requires that acquisition votes receive at least 75 percent support from shareholders.
The final hurdle the acquisition must clear is expected to occur at a Jan. 5 hearing before the Royal Court of Guernsey at which a judge would approve the results of the vote and the acquisition.
Scientific undertook several measures over the past month, buying up shares and warrants of NYX stock to bolster an affirmative vote.
On Sunday, NYX and Scientific announced that Pollard Equities Ltd., which held 8.6 million shares and 4 million warrants, entered into an agreement to support Scientific’s NYX acquisition bid.
“We are thrilled by the strong support from NYX shareholders and we are very excited about our combined companies’ future growth potential,” Scientific Games President and CEO Kevin Sheehan said in a release following the votes. “By bringing together Scientific Games and NYX, we will create a world leader in digital gaming and sports betting, a company with an unrivaled, end-to-end product portfolio and an innovative driving force in the industry.”
NYX CEO Matt Davey also was enthused about the outcome.
“The acquisition will be a win-win for both companies and our collective shareholders,” Davey said. “By joining Scientific Games, we will become part of a company with unmatched global reach, resources and industry-leading content. The leaders of both NYX and Scientific Games are committed to delivering significant value for our customers across the full spectrum of digital gaming.”
William Hill lobbied to block the acquisition, seeking assurances from Scientific on the use of the OpenBet wagering platform designed by NYX. Scientific viewed the demand for assurances as anticompetitive.