If IGG has 10 suitors....then what do we have?
Innova Gaming has 10 interested parties re review
2017-06-14 05:48 PT - News Release
An anonymous director reports
INNOVA PROVIDES UPDATE ON STRATEGIC REVIEW PROCESS
Innova Gaming Group Inc. has provided an update on the process currently being overseen by a special committee of independent directors of the company to explore and consider potential value-enhancing strategic alternative transactions to the unsolicited offer made by Pollard Banknote Ltd., through its wholly owned subsidiary 10188557 Canada Inc., on April 19, 2017, to acquire all of the outstanding common shares of Innova for cash consideration of $2.10 per share.
Since the launch of the Strategic Review Process, Innova has entered into confidentiality agreements with 10 interested parties. In order to assist these interested parties in assessing potential alternative transactions to the Pollard Banknote Offer, Innova provided each of them with a confidential information memorandum containing detailed information regarding Innova and its business and a financial model based on projections provided by the Company's senior management team.
Innova has since established an electronic data site for the purposes of providing access to additional confidential information regarding Innova and its business to the interested parties identified by the Special Committee as being the most likely to be in a position to consummate a transaction involving the Company that would be financially superior to the Pollard Banknote Offer. These interested parties remain actively engaged in due diligence. Site visits and meetings with Innova's senior management team have also been scheduled with these interested parties.
Innova reiterates the unanimous recommendation of the board of directors of the Company (the "Board of Directors") that shareholders REJECT the Pollard Banknote Offer and NOT TENDER their Shares thereto pending the outcome of the Strategic Review Process. A copy of the directors' circular (the "Directors' Circular") prepared in connection with the Board of Directors' recommendation to Innova's shareholders is available under Innova's issuer profile on SEDAR at www.sedar.com . Shareholders are strongly encouraged to read the Directors' Circular carefully, as it contains important information regarding Innova, Pollard Banknote and the Pollard Banknote Offer, including a detailed discussion of the reasons for the recommendation of the Board of Directors.
Shareholders are also reminded that the support agreement (the "Support Agreement") entered into by Innova's largest shareholder, Amaya Inc. ("Amaya"), with Pollard Banknote gives Amaya the right to terminate the Support Agreement if a cash offer greater than $2.10 per Share is made for the Shares and Pollard Banknote does not match such offer within five business days by amending the Pollard Banknote Offer. A copy of the Support Agreement is also available under Innova's issuer profile on SEDAR at www.sedar.com