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IGT bids for Entraction

International Game Technology (IGT), a casino supplier, has placed a bid of US$115m (£69.7m) for the Swedish based company Entraction.

Entraction stated that the offer is “conditional upon IGT becoming owner of more than 90% of the share capital in Entraction and all necessary regulatory approvals being granted.”

Lately, IGT agreed to sell Barcrest, a gaming machine supplier to Scientific Games for $54m. IGT said that “expects to fund the transaction from available cash on its balance sheet.”

According to PokerScout, a poker ranking site, Entraction’ s poker network a seven-day average of 1440 cash game players and it’s ranked between 888 and Microgaming. Skins on the network include Victor Chandler and Weather Lottery-owned Devilfish Poker.

Entraction, is not doing so well and according to the short term reports of the first 3 months, it went down by 21.66% to SEK8.1m (£808,888) when compared to the year before.

Profit wise, it also decreased by 26.5% from SEK10.67m to SEK7.84m when compared to 2010 and net sales and EBITDA decreased by 16%.

Peter Åström, the CEO and president for Entraction said that these events will make Entraction stronger when the US market opens. He also said that “it is clear that all changes in the market favour Entraction and our partners.”

Ever since the bid was announced in Entraction – listed on NASDAQ OMX First North Premier – have risen by more than 30% and this morning reached a 52-week high of SEK67 (£6.69).

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