Shareholders approve merger with IGT

Monday, Sept. 29, 2003 | 11:23 a.m.

Shareholders of Acres Gaming Inc. Friday approved a $130 million merger agreement with a subsidiary of slot maker International Game Technology. Under the terms of the agreement, IGT will pay $11.50 per share in cash for each outstanding share of Acres, which makes software that tracks gamblers' play.

The vote had been stalled by a federal judge over a lawsuit filed by an Acres shareholder against the company that claimed Acres' board of directors violated its fiduciary duty to stockholders and failed to shop the company for potentially higher bids. A Clark County District Court judge, who heard the case after it was moved from federal court, allowed the shareholder vote to proceed.

archive