SciPlay Board Forms Committee to Evaluate Light & Wonder Takeover Bid

SciPlay (NASDAQ: SCPL) announced Thursday that its board of directors has formed a special committee to consider Light & Wonder’s (NASDAQ: LNW) recently revealed offer. The bid seeks to acquire the 17% of the social casino developer it doesn’t already own.

Last month, Light & Wonder offered $422 million in cash, or $20 a share, for that 17% slice of SciPlay. That values the target at a 28.5% premium to its last closing price before the bid was publicly revealed.

The Special Committee has been granted full authority to independently review and evaluate the non-binding proposal that the Board received from Light & Wonder,” according to a SciPlay statement.

The committee members are Gerald Cohen, April Henry, Michael Marchetti, and William Thompson, with Cohen and Henry acting as cochairs. Lazard will act as the committee’s financial advisor, while Sullivan & Cromwell LLP was retained as legal counsel.

 

[GamblingBoy]

Yes, it is necessary SciPlay set up a committee that would assess and evaluate the takeover bid of the Light and Wonder. This is normal in business world. This is to avoid any hiccups that may likely occur in business agreement. And this would also hasten the takeover bid as expressed by the firm.