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Monday, June 16, 2014

Italy lottery operator GTECH in talks to purchase U.S. International Game Technology, (NYSE: IGT)

Italian lottery operator GTECH said on Monday it was in preliminary talks to purchase Las Vegas-based slot machine maker International Game Technology in a deal that could involve a cash and paper offer.In a statement, which confirms what sources told Reuters last week, GTECH said it had hired advisers to help it negotiate the deal. It gave no value for any potential bid."This transaction could potentially involve the use of a mix of cash and equity as consideration," GTECH said, adding it did not anticipate needing a cash call to fund the acquisition.The news sent shares in IGT up nearly 11 percent on Friday, giving it a market value of close to $4 billion.

International Game Technology (IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming. Shares of IGT traded higher by 10.52% or $1.51/share to $15.86. In the past year, the shares have traded as low as $12.14 and as high as $21.20. On average, 5796010 shares of IGT exchange hands on a given day and today's volume is recorded at 27727186.