IGT stock set to gain after gamer explores alternatives for Global Gaming, PlayDigital businesses to boost shareholder value
Shares of International Game Technology PLC (IGT) were indicated up more than 1% in premarket trading Thursday, after the gaming company said it is evaluating "potential strategic alternatives" for its Global Gaming and PlayDigital businesses. IGT said it is considering a broad range of alternatives, including a sale, merger or spinoff as the company looks to unlock the full value of its portfolio. "We believe the intrinsic value of IGT's market-leading businesses and diversified cash flow profile is not currently reflected in our stock price and the timing is right to assess opportunities that may enhance value for IGT's shareholders," said Executive Chair Marco Sala. The company said there is no timeline for the review of alternatives, and said it can't be sure the review will result in a transaction. The stock has rallied 21.6% year to date, while the S&P 500 has advanced 11.2%.
-Tomi Kilgore
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06-08-23 0657ET
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