AGS Wednesday announced that at a special meeting August 6, 2024, stockholders voted to approve the company’s acquisition by affiliates of Brightstar Capital Partners, a deal previously announced May 9th.
The transaction is expected to close in the second half of 2025 and is subject to customary closing conditions, including the receipt of regulatory approvals. Upon completion, AGS will become a privately held company, and shares of AGS common stock will no longer be listed on any public market.
In May, David Bain of B Riley Securities noted that the $1.1 billion offer represented a 41 percent premium to May 8th’s stock price. He also stated that it was a below-average 5.7-times-cash-flow bid “far below historical supplier trading multiples and certainly M&A ones.”
Continued Bain, “We do not believe AGS was actively for sale and was approached by Brightstar. While we have not reviewed the merger agreement, we believe there remain opportunities for other potential offers for AGS.”
The final voting results of the special meeting will be reported on a Form 8-K filed by AGS with the U.S. Securities and Exchange Commission.
