Lottery Giant Gtech Agrees to Buyout From Management
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PROVIDENCE, R.I. — Lottery giant Gtech Corp. announced Wednesday that it has agreed to a $290-million buyout by about a dozen members of management and a unit of the investment firm Donaldson, Lufkin & Jenrette Securities Corp.
The price tag includes roughly $160 million for Gtech’s stock and $130 million for payment of fees, refinancing of Gtech’s debts and a contribution to working capital.
The top managers, including Chairman and Chief Executive Guy B. Snowden and Vice Chairman Victor Markowicz, will retain their positions in the company, Snowden said.
The purchase price was $16.625 a share in cash. Gtech stock rose 75 cents a share to $16 in over-the-counter trading Wednesday. The price had been inflated before the announcement by speculation of a possible acquisition.
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