SciPlay Independent Special Committee Announces Inability to Reach Agreement with Scientific Games Regarding Scientific Games' Proposal to Minority Shareholders

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Legal Newswire POWERED BY LAW.COM

 A special committee of independent directors (the "Special Committee") of SciPlay Corporation("SciPlay"), a leading developer and publisher of digital games on mobile and web platforms, today announced that discussions between the Special Committee and Scientific Games Corporation regarding Scientific Games' proposal to acquire the outstanding publicly traded shares of SciPlay have terminated.

In July of 2021, Scientific Games made a proposal to acquire the 19% equity interest in SciPlay it does not currently own at a price of 0.250 shares of Scientific Games for each share of SciPlay. The Special Committee, working closely together with its financial advisor, Lazard, and its legal counsel, Sullivan & Cromwell LLP, conducted a careful review of the terms of Scientific Games' proposal and analysis of SciPlay's anticipated financial performance and growth prospects.

Based on its review and analysis, the Special Committee rejected Scientific Games' initial proposal, and actively engaged with Scientific Games to negotiate terms that it believed better reflects the value of SciPlay. However, the Special Committee and Scientific Games have been unable to reach an agreement on a transaction between SciPlay and Scientific Games, and discussions between Special Committee and Scientific Games regarding a potential transaction have terminated.

Although the Special Committee is disappointed that it and Scientific Games were not able to reach an agreement, both the Special Committee and Scientific Games remain firm in their support of SciPlay's leading platform of digital games, as well as their belief that SciPlay is at an inflection point and positioned for significant growth. 

About SciPlay

SciPlay is a leading developer and publisher of digital games on mobile and web platforms. SciPlay currently offers seven core games, including social casino games Jackpot Party® Casino, Gold Fish® Casino, Hot Shot Casino® and Quick Hit® Slots, and casual games MONOPOLY Slots, Bingo Showdown and 88 Fortunes® Slots. SciPlay's social casino games feature slots-style game play and occasionally table games-style game play, while its casual games blend slots-style or bingo game play with adventure game features. All of SciPlay's games are offered and played on multiple platforms, including Apple, Google, Facebook and Amazon. In addition to developing original games, SciPlay has access to a library of more than 1,500 real-world slot and table games provided by Scientific Games and its Subsidiaries.

Media Contacts

Steve Lipin / Max DutcherGladstone Place Partners