SciPlay Thursday announced its board of directors has convened a committee of independent directors to review and consider a non-binding proposal from Light & Wonder. On May 18, 2023, Light & Wonder proposed acquiring the remaining 17% equity interest in SciPlay that it doesn’t own for $20 per share in cash.
Gerald Cohen and April Henry will be co-chairs of the committee, with Michael Marchetti and Will Thompson serving as members. Lazard will serve as financial advisor and Sullivan & Cromwell LLP as legal counsel for the review and evaluation of the proposed transaction.
In a statement, SciPlay emphasized to shareholders and others considering trading its securities that no decision has been made by the board of directors or special committee on the proposal. There is no assurance that Light & Wonder will make a definitive offer, that a definitive agreement will be executed, or that any other transaction will be approved or consummated.
The statement emphasized that SciPlay and the special committee will not comment further about the proposed transaction unless and until further disclosure is appropriate or as required under applicable law.