January 7, 2013 / 11:41 PM / in 5 years

IGT says Ader Investment seeks to nominate former CEO to board

Jan 7 (Reuters) - International Game Technology said Ader Investment Management LP is seeking to nominate four directors, including the slot-machine maker’s former chief executive Charles Mathewson, to its board.

Ader Investment, founded by Jason Ader, claims to collectively hold about 3 percent of IGT’s shares, the company said.

Ader Investment, which focuses on hospitality and real estate sectors, also plans to nominate Jason Ader to IGT’s board. Jason Ader has been an independent director on the Las Vegas Sands Corp board since April 2009.

The notice was submitted in conjunction with and on behalf of Mathewson, IGT said.

Ader Investment’s proxy fight is the result of a long-running dispute between the company and Mathewson, who retired in 2003, IGT said.

New York-based Ader Investment was not immediately available for comment.

Shares of IGT, which has a market value of $3.9 billion, were up marginally in after-market trading. They closed at $14.68 on the New York Stock Exchange on Monday.

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