Winnipeg’s Pollard Banknote Ltd. Formalize Offer for INNOVA
The unsolicited $43 million bid from Pollard Banknote Ltd. to purchase INNOVA Gaming Group Inc. has been made formal as Amaya-owned company acknowledged the announcement made by the Winnipeg-based lottery ticket printer.
Amaya Supporting the Deal
And even though INNOVA’s largest shareholder Amaya has given its nod to the sale to Pollard, a special committee of the board of INNOVA Gaming Group is recommending that shareholders should not accept an offer coming from Canada.
INNOVA officials attempted to talk Pollard into enhancing the offer, but the failed negotiations have seen the company give its financial advisors a broad mandate to explore and consider alternative transactions.
The company issued an official release urging the shareholders to “to defer making any decision in respect of Pollard Banknote’s offer until the special committee and the board of directors have had the opportunity to fully review and evaluate offer and to make a formal recommendation as to its merits.”
On the other side, given the fact it was unable to agree to terms with INNOVA board, Pollard Banknote Ltd. made a direct offer to shareholders which stands until 3 August 2017.
Ever since the initial offer to purchase INNOVA has been made public, the company’s shares have seen an increase in value and were most recently traded around $2.20.
Pollard Banknote Ltd. initially approached INNOVA in March 2017 and is offering £2.10 per share which is a 36 per cent premium over INNOVA’s share price over the past 20 trading days.
Amaya’s decision to enter a support agreement with Pollard can be revoked however should INNOVA’s advisors generate a proposed acquisition of all shares that would exceed the $2.10 worth per share.