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GAN Limited (NASDAQ:GAN) shares are trading higher after the company agreed to be acquired by Sega Sammy Creation Inc. for $1.97 per share.
The value represents a premium of 121% over the closing price of GAN's ordinary shares on November 7, 2023, the last trading day before the date of this announcement.
Sega Sammy Creation is a subsidiary of Sega Sammy Holdings, Inc.(OTC: SGAMF) (OTC:SGAMY), an international conglomerate operating in the entertainment, gaming, and resort businesses.
GAN said it will ask its shareholders to consider and vote to approve the merger agreement at a special meeting of shareholders to be held by March 31, 2024.
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"Market share concentration in the U.S. B2C space, a slower than expected adoption of regulated online gaming in the U.S., along with changes to key customer contracts make the near-term operating environment challenging without ample capital resources," said Seamus McGill, Chairman and Interim Chief Executive Officer of GAN.
Sega Sammy has those resources, and GAN is a strategic complement to their existing gaming portfolio, according to the Interim CEO.
GAN expects the merger to close during the fourth quarter of 2024.
Upon completion of the merger, GAN will become a wholly-owned subsidiary of SSC.
"We believe this all-cash offer, at a substantial premium to recent trading prices, is the value-maximizing path for our shareholders," McGill added.
Price Action: GAN shares are trading higher by 96.2% to $1.75 premarket on the last check Wednesday.
