INNOVA to Consider Strategic Alternative Transactions to Pollard Banknote Purchase Offer
INNOVA will not be changing its stance on the unsolicited offer made by Pollard Banknote Limited on 19 April to acquire all of the outstanding common shares of the company for cash consideration of $2.10 per share.
INNOVA Gaming Group continues the strategic review process: overseen by a special committee of independent directors of the Company, who have been instructed to explore and consider potential value-enhancing alternatives.
The shareholders of the company have received a recommendation to reject the Pollard Banknote offer, whereas they were also reminded that the support agreement entered into by Amaya Inc., as INNOVA’s largest shareholder, gives Amaya the right to terminate the support agreement if a cash offer greater than $2.10 per share is made.
With the Strategic Review Process in full force, INNOVA has entered into confidentiality agreements with around ten interested parties, who are willing to make an offer on INNOVA shares.
INNOVA decided to assist the interested parties in assessing the company’s potential by providing them all with a confidential information memorandum which contains detailed information regarding the company.
The memorandum includes INNOVA’s business and financial model based on projections provided by the company’s senior officials.
INNOVA also created a data website where potential buyers can gain access to additional confidential information regarding INNOVA and its business.
INNOVA Gaming Group is the Canadian company which produces and develops unique games and products which cater to the global gaming industry. The company is particularly focused on state and provincial lotteries, which receive INNOVA’s unique ‘extended play’ products in traditional and non-traditional gambling venues.
INNOVA primarily focuses on Lucky Tab machine, an instant ticket vending machine which distributes tickets.