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Wednesday, March 28, 2001 | 11:11 a.m.
International Game Technology of Reno announced Tuesday it has closed on its buyout of Silicon Gaming Inc., a slot manufacturer with offices in Palo Alto, Calif., and Las Vegas.
Silicon shareholders will receive 11.9 cents per share in cash, up from the 8.25 cents to 9.5 cents per share originally contemplated. The increased value came from the sale of most of Silicon's holdings in WagerWorks Inc., a not-for-cash gaming entity developed with MGM MIRAGE.
The WagerWorks shares were sold for $6.2 million, with proceeds being distributed directly to Silicon shareholders. The company listed the buyers as B III Capital Partners and Carl Berg, an individual investor. Both were creditors and shareholders of Silicon. Silicon retained a 4.9 percent stake in WagerWorks.
The Silicon buyout was approved by the Nevada Gaming Commission last week.
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