GAN this week announced that Sega Sammy Holdings, through its affiliated entity Sega Sammy Creation, is nearing completion of procurement of all gaming regulatory approvals necessary to complete its planned acquisition of GAN.
GAN and SSC are parties to an agreement and plan of merger dated November 7, 2023, pursuant to which GAN would merge into and become a wholly owned subsidiary of SSC.
The closing of the merger is expected to occur on or about May 27.
Nevada gaming regulators approved the merger in September.
The closing remains subject to final gaming regulatory approvals and satisfaction of conditions to closing set out in the merger agreement. If the merger is completed, each ordinary share of GAN issued and outstanding immediately prior to the effective time of the merger will be cancelled and converted into the right to receive $1.97 in cash, without interest and less applicable withholding taxes. If the merger is completed, GAN will cease to be a publicly traded company.
