November 12, 2014 / 5:31 PM / 5 years ago

GTECH says withdrawal right on IGT merger to be exercised by Nov 27

MILAN, Nov 12 (Reuters) - Shareholders of Italy’s GTECH who did not vote in favour of a planned merger with U.S. International Game Technology will have time until Nov. 27 to exercise their right of withdrawal, the gaming group said on Wednesday.

The acquisition of IGT will not go ahead if shareholders representing more than 20 percent of GTECH’s capital exercise such a right, which entitles them to sell their shares back to the company. GTECH has said it would pay 19.174 euros each for any shares it has to buy back.

GTECH shareholders representing around 69 percent of the company’s capital voted in favour of the tie-up with the U.S. slot-machine maker last week.

Shares in GTECH closed 0.67 percent lower at 17.88 euros.

Reporting by Francesca Landini; editing by Oleg Vukmanovic

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