How to Play This Gaming Merger
Ariel Investments, a fund managed by John Rogers, has reported a position of 4.3 million shares in WMS Industries (WMS), a designer and manufacturer of gaming machines. This is up from 1.3 million shares at the end of September 2012, and gives Ariel ownership of almost 8% of the total shares outstanding.
Scientific Games (SGMS) recently announced an offer to acquire WMS for $26 per share in cash; with the stock currently trading at just below $25, investors would receive a 4% return in the event that the transaction closed. Both companies' boards have approved the deal, so Scientific Games expects it to close this year....500 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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