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StumbleAnchor buyout complete
Monday, Dec. 31, 2001 | 11:28 a.m.
International Game Technology has completed its takeover of fellow slot machine maker Anchor Gaming, making Las Vegas-based Anchor a wholly-owned subsidiary of IGT.
The merger closed as scheduled Sunday, said Anchor spokesman Howard Stutz. Anchor stock traded for the last time on the Nasdaq last Friday; as of Sunday, all Anchor shares were converted into rights to acquire IGT stock on a one-for-one basis.
Based on Anchor's Friday close of $70.30, the deal was valued at $1.48 billion, including $430 million in debt assumed by IGT.
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