GAN on Friday amended an agreement for the merger of GAN and a subsidiary of Sega Sammy Creation.
The amendment extends the date on which a non-breaching party can elect to terminate the merger agreement by notice to the other party, if the closing has not yet occurred, from February 7 to May 31 to give them additional time to secure approvals from regulatory gaming authorities.
In September, Nevada regulators approved Sega Sammy’s acquisition of GAN.
GAN is a business-to-business provider of igaming and an international business-to-consumer operator of internet sports betting. Sega Sammy Creation is a Japanese subsidiary of Sega Holdings Inc., an international conglomerate operating in the entertainment, gaming and resorts businesses.
The terms of the merger agreement are unchanged. The closing remains subject to customary closing conditions and is expected to take place in the second quarter.
“The parties continue to respond to regulatory requests,” GAN CEO Seamus McGill said in a statement. “This process takes time, but we are making great progress and working with Sega Sammy in anticipation of a successful closing.”
If the merger is completed, each GAN ordinary share issued immediately prior to the effective time of the merger will be cancelled and converted into the right to receive $1.97 in cash, with respect to each ordinary share, without interest and less applicable withholding taxes. Upon the completion of the merger, GAN will cease to be a public company, and its ordinary shares will be de-listed from the Nasdaq and de-registered under the Securities Exchange Act of 1934, as amended.
