Buyback offer oversubscribed

Monday, Jan. 10, 2000 | 11:54 a.m.

International Game Technology said today its offer to buy back 11 million shares at $21 a share, which expired Friday, was oversubscribed.

The Reno-based slot and casino systems manufacturer said holders of 24.9 million shares, or about 28.9 percent of the amount outstanding, tendered stock into the offer.

As a result, IGT said, it will pro-rate the shares it will re-purchase at about 44.3 percent of those tendered. The number and ratio are subject to final verification, the company said.

IGT stock was up 18.75 cents a share, to $20.50, in midday trading today.

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