Shareholders approve $1.4 billion merger

Wednesday, Dec. 19, 2001 | 10:08 a.m.

International Game Technology and Anchor Gaming shareholders separately voted in favor of IGT's takeover of Anchor on Tuesday, potentially putting the $1.4 billion deal within days of completion.

More than 98 percent of shareholders at both companies voted in favor of the deal, the companies said in a joint statement.

With shareholders' approval received, the merger will be considered by the state Gaming Control Board and Nevada Gaming Commission Thursday in Carson City.

Under their merger agreement, the two companies have until the end of January to complete the deal. But if approval from the state is received Thursday, "we could close it on Friday," Anchor spokesman Howard Stutz said.

The Federal Trade Commission terminated the deal's waiting period last week, ending the possibility that the merger would be blocked on anti-trust grounds.

IGT plans to acquire Las Vegas-based Anchor in a one-for-one stock transaction, and assume $430 million in debt.

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