American casino currency and table games equipment innovator, Gaming Partners International (GPI) Corporation has announced that it is set to be fully acquired by Japanese counterpart, Angel Holdings Godo Kaisha via a transaction worth upwards of $110 million.
The Las Vegas-based developer used an official Tuesday press release to detail that the arrangement has been unanimously approved by its board of directors alongside a majority of its shareholders and will involve Angel Holdings Godo Kaisha paying $13.75 for every one of its common stocks.
Broad product portfolio:
Established in 2002 via a reverse merger involving industry stalwarts, Bourgogne et Grasset and Paul-Son Gaming Corporation, GPI Corporation has over 750 employees and is responsible for producing the Paulson brand of American-style clay gaming chips as well as their Bud Jones plastic counterparts. The NASDAQ-listed manufacturer also offers an extensive range of playing cards, dice, roulette wheels and radio-frequency identification (RFID) technologies and explained that the purchase arrangement has been agreed via Angel Holdings Godo Kaisha’s local AGL Nevada Corporation subordinate.
Transaction to close in 2019:
GPI Corporation stated that the deal is expected to close sometime next year subject to the receipt of ‘certain approvals from gaming authorities’ although it declared that the agreement contains a ‘go-shop’ provision that gives interested parties until February 2 to make alternative purchase proposals.
For its part, Angel Holdings Godo Kaisha is also a supplier of casino games, cards and equipment with its portfolio encompassing the Angel Protect range of pre-shuffled cards as well as the Angel Eye series of electronic shoes. The Kyoto-headquartered firm maintains offices in Macau, the Philippines, Australia and the United States while manufacturing its innovations at facilities in Singapore and Japan.