Multimedia Games is to buy PokerTek at a price of US$1.35 per share in cash with the deal expected to close in by the end of 2014.
Mark Roberson, PokerTek’s Chief Executive Officer, said:”Combining with Multimedia Games provides our shareholders with the opportunity to receive a healthy premium for their shares and is an ideal situation for our customers, employees and other commercial partners. PokerTek and Multimedia Games share a similar operating philosophy and culture, focusing on superior customer service and delivering products that generate strong returns for casino operators. As part of the Multimedia Games organisation, we believe further development of innovative products and solutions will address the growing demand for eTables from casino customers and players worldwide.”
Pat Ramsey, Chief Executive Officer of Multimedia Games, added: “With eTable growth accelerating in domestic and international casinos, acquiring PokerTek represents an excellent opportunity to expand our product portfolio. We believe the PokerPro product is an excellent complement to our existing business and that we can expand the penetration of PokerPro in North America by leveraging our strong domestic manufacturing, sales and service capabilities. Further, with a growing installed base of gaming positions internationally, this transaction represents a solid entry point to further diversify our revenue and geographic base. This transaction reflects Multimedia Games’ strategic emphasis on offering leading products that resonate with our customers’ players and increasing our share of the casino gaming floor.”
Joe Lahti, Chairman of the Board of Directors of PokerTek added: “The team at PokerTek has done an outstanding job over the past several years turning the company around financially, building a dominant market position and cultivating strong customer relationships. Merging with Multimedia Games is a positive event for our shareholders and marks the beginning of an exciting new chapter for PokerTek.”