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Saturday, October 4, 2014

Italy's GTECH calls extraordinary meeting to approve IGT buyout, (NYSE: IGT)

Italian gaming group GTECH said on Saturday it will hold an extraordinary shareholders' meeting on Nov. 4 to approve steps needed for the completion of its $4.7 billion takeover of U.S. slot machine maker International Game Technology. The purchase of the Las Vegas-based company, the largest foreign acquisition by an Italian firm since 2009, promises to shift GTECH away from its struggling domestic market and make it a major player in the casino business.By calling the meeting, GTECH - the world's No. 1 lottery operator - intends to seek shareholder approval to seal its planned cross-border merger of GTECH into Georgia Worldwide plc, it said in a statement.Georgia Worldwide plc will become the parent holding company for the combined operations of the two groups when the acquisition is completed.Once approved, GTECH shareholders voting against the merger will be given the right to withdraw by selling their shares within 15 days of the registration of the merger resolution.

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 0.65% or $0.11/share to $17.05. In the past year, the shares have traded as low as $12.14 and as high as $19.91. On average, 6002220 shares of IGT exchange hands on a given day and today's volume is recorded at 3991679.