SciPlay has announced that it has formed a special committee of independent directors to review a proposition by Light & Wonder.
On May 18, Light & Wonder proposed acquiring the remaining 17 per cent equity interest in SciPlay which it does not already own for $20 per share in cash.
The committee, which is co-chaired by Mr. Gerald Cohen and Ms. April Henry, with Mr. Michael Marchetti and Mr. William Thompson serving as members, has been granted full authority to independently review and evaluate the non-binding proposal.
It has retained Lazard as its financial advisor and Sullivan & Cromwell LLP as its legal counsel.
SciPlay was keen to stress to shareholders that “neither the board nor the special committee has made any decision with respect to the proposed transaction.”
Both the company and the committee have decided not to comment any further on the proposed transaction “unless and until they deem further disclosure is appropriate or as required under applicable law.”
