Game Account Network announces formal Sale process
GAN has announced today that it is undertaking a comprehensive review of the various strategic alternatives open to it in order to maximize value for shareholders and properly recognize both the value and the scarcity of the Company’s US-facing assets which include US gaming licenses, a US-proven technology platform, strategic US-patented intellectual property, operational services and US clients as well as the Company’s significant operational know-how operating the technology infrastructure underpinning US online gambling.
These alternatives include seeking a listing on a US stock exchange in addition to or in replacement of the Company’s existing stock market quotations and/or seeking a strategic Industry investor to acquire a non-controlling stake in the Company’s existing equity as well as a potential sale of the Company through the commencement of a “formal sale process” .
The Board has appointed Union Gaming as its financial adviser to assist it with this review. Union Gaming is a boutique investment bank and advisory firm focused exclusively on the global gaming industry with offices in Hong Kong, Las Vegas, Macau and New York.
The Panel on Takeovers and Mergers has agreed that any discussions with third parties may be conducted within the context of a formal sale process.
The Company confirms that, at the time of this announcement, it is not in discussions with any third party about a potential sale of the Company.
Parties with a potential interest in making a proposal should contact Union Gaming, whose details are set out below.
It is currently expected that any party interested in participating in the formal sale process will, at the appropriate time, enter into a non-disclosure agreement with the Company on terms satisfactory to the Board of the Company. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals to Union Gaming. Further announcements regarding timings for the formal sale process will be made as appropriate.
There can be no certainty that an offer will be made nor as to the terms on which any offer will be made. The Board of the Company reserves the right to alter or terminate the process at any time and if it does so it will make an announcement as appropriate. The Board of the Company also reserves the right to reject any approach or terminate discussions with any interested party at any time.