• Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us
Sixsense News
Advertisement
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
Sixsense News
No Result
View All Result
Home Market

SciPlay stock gains after activist pushes for sale to parent Light & Wonder (NASDAQ:SCPL)

Sixsense News by Sixsense News
October 4, 2022
in Market
0


andresr/E+ via Getty Images

SciPlay (NASDAQ:SCPL) rose 5.7% in after hours trading as activist investor Engine Capital, one of the biggest holders of mobile-game maker SciPlay (SCPL), urged the company to consider a sale of itself to parent company Light & Wonder (NASDAQ:LNW). The activist wants LNW to buy the 19% of SciPlay is doen’t currently own.

Engine Capital, which has a 5.7% in SciPlay, wants the company to consider selling itself to to Light & Wonder (LNW) for $15 to $16/share, according to a letter Engine Capital wrote to the board’s of both companies on Monday. Engine Capital also has a stake in Light & Wonder (LNW).

The Engine Capital letter comes after the activist first disclosed a stake in a 13D filing March. In April, SciPlay (SCPL) added Nick Earl, the former CEO of Glu Mobile to its board and in June added three more directors.

Engine Capital argued in the letter that the current structure of SciPlay (SCPL) is “inefficient and creates an overhang” on the valuation of both companies. The activist also said it believes Light & Wonder (LNW) also trades at a significant discount to its intrinsic value, partially due to the “drag of SciPlay’s undervaluation.” Engine Capital said the recommended purchase of SciPlay for $15-$16 would be immediately accretive to Light & Wonder .

“That said, if a deal can’t be reached between both Companies or if Light & Wonder is no longer interested to acquire SciPlay, we don’t believe the status quo is desirable and we would then encourage SciPlay to start a review of its strategic alternatives and look for a buyer with the blessing of Light & Wonder,” Engine Capital Managing Partner Arnaud Ajdler and Partner Brad Favreau wrote in the letter.

The Engine Capital proposal comes after SciPlay (SCPL) in late December terminated talks with Scientific Games, now called Light & Wonder, for the company to acquire the remaining 19% of SciPlay it didn’t own in a stock deal.



Source link

Related articles

Four bankers who helped Putin’s friend set up Swiss bank account convicted By Reuters

March 30, 2023

Jefferies initiates buy on SBI Card; sees 25% upside aided by growth in card spends

March 30, 2023
Tags: activistgainsLightNASDAQSCPLparentpushesSaleSciPlaystock

Related Posts

Four bankers who helped Putin’s friend set up Swiss bank account convicted By Reuters

by Reuters
March 30, 2023
0

© Reuters. FILE PHOTO: Russian President Vladimir Putin (L) shakes hands with artistic director of St. Petersburg House of Music...

Jefferies initiates buy on SBI Card; sees 25% upside aided by growth in card spends

by Sixsense News
March 30, 2023
0

Jefferies has initiated a buy on SBI Cards and Payment Services Limited for a price target of Rs 900 relying...

Customers Are the Maddest They’ve Been in Decades, Study Says

by Brandon Ballenger
March 30, 2023
0

Business as usual just isn’t cutting it anymore, according to the newest National Customer Rage Survey — and customers are...

European stocks higher as banking concerns continue to ease

by Sixsense News
March 30, 2023
0

London +0.52%. Germany +1.09%. France +1.03%. The pan-European Stoxx 600 was up 0.88%, with almost all sectors in the green....

Mondelez offloads some stake in JDE Peet’s at a discount

by Investing.com
March 30, 2023
0

© Reuters By Scott Kanowsky  Investing.com -- Shares in JDE Peet's NV (AS:) slipped down to near the bottom of the...

Load More

Crypto Mining at Gas Wells Sparks Regulatory Headaches, Outcry in Northwestern Pennsylvania

March 30, 2023

Guide to Buying Property Insurance and Protecting Yourself from Roof Damage

March 30, 2023

China is now an unlikely safe haven

March 30, 2023

Four bankers who helped Putin’s friend set up Swiss bank account convicted By Reuters

March 30, 2023

Sustainable packaging startups to watch, according to VCs

March 30, 2023

Uber expands Comfort Electric to 14 new US, Canadian markets

March 30, 2023
Sixsense News

© 2022 Sixsense News All Rights Reserved.

Navigate Site

  • Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us

Follow Us

No Result
View All Result
  • #3158 (no title)
  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Startups

© 2022 Sixsense News All Rights Reserved.