LAS VEGAS, Dec. 22, 2021 /PRNewswire/ -- A special
committee of independent directors (the "Special Committee") of
SciPlay Corporation (NASDAQ: SCPL) ("SciPlay"), a leading developer
and publisher of digital games on mobile and web platforms, today
announced that discussions between the Special Committee and
Scientific Games Corporation (NASDAQ: SGMS) ("Scientific Games")
regarding Scientific Games' proposal to acquire the outstanding
publicly traded shares of SciPlay have terminated.
In July of 2021, Scientific Games made a proposal to acquire the
19% equity interest in SciPlay it does not currently own at a price
of 0.250 shares of Scientific Games for each share of SciPlay. The
Special Committee, working closely together with its financial
advisor, Lazard, and its legal counsel, Sullivan & Cromwell
LLP, conducted a careful review of the terms of Scientific Games'
proposal and analysis of SciPlay's anticipated financial
performance and growth prospects.
Based on its review and analysis, the Special Committee rejected
Scientific Games' initial proposal, and actively engaged with
Scientific Games to negotiate terms that it believed better
reflects the value of SciPlay. However, the Special Committee and
Scientific Games have been unable to reach an agreement on a
transaction between SciPlay and Scientific Games, and discussions
between Special Committee and Scientific Games regarding a
potential transaction have terminated.
Although the Special Committee is disappointed that it and
Scientific Games were not able to reach an agreement, both the
Special Committee and Scientific Games remain firm in their support
of SciPlay's leading platform of digital games, as well as their
belief that SciPlay is at an inflection point and positioned for
significant
growth.
About SciPlay
SciPlay is a leading developer and publisher of digital games on
mobile and web platforms. SciPlay currently offers seven core
games, including social casino games Jackpot Party® Casino, Gold
Fish® Casino, Hot Shot Casino® and Quick Hit® Slots, and casual
games MONOPOLY Slots, Bingo Showdown and 88 Fortunes® Slots.
SciPlay's social casino games feature slots-style game play and
occasionally table games-style game play, while its casual games
blend slots-style or bingo game play with adventure game features.
All of SciPlay's games are offered and played on multiple
platforms, including Apple, Google, Facebook and Amazon. In
addition to developing original games, SciPlay has access to a
library of more than 1,500 real-world slot and table games provided
by Scientific Games and its Subsidiaries.
Forward-Looking Statements
This press release contains statements that may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements describe future expectations, plans,
results or strategies and can often be identified by the use of
terminology such as "may," "will," "estimate," "intend," "plan,"
"continue," "believe," "expect," "anticipate," "target," "should,"
"could," "potential," "opportunity," "goal," or similar
terminology. These statements are based upon management's current
expectations, assumptions and estimates and are not guarantees of
timing, future results or performance. Therefore, you should not
rely on any of these forward-looking statements as predictions of
future events. Actual results may differ materially from those
contemplated in these statements due to a variety of risks and
uncertainties and other factors. Additional information regarding
risks and uncertainties and other factors that could cause actual
results to differ materially from those contemplated in
forward-looking statements is included from time to time in
SciPlay's filings with the Securities and Exchange Commission,
including under "Risk Factors" in Part II, Item 1A of SciPlay's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and Part I, Item 1A "Risk
Factors" in SciPlay's 2020 Annual Report on Form 10-K filed with
the SEC on March 1, 2021.
Forward-looking statements speak only as of the date they are made
and, except for SciPlay's ongoing obligations under the U.S.
federal securities laws, SciPlay's undertakes no and expressly
disclaims any obligation to publicly update any forward-looking
statements whether as a result of new information, future events or
otherwise.
Media Contacts
Steve Lipin / Max Dutcher
Gladstone Place Partners
(212) 230-5930
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SOURCE SciPlay Independent Special Committee; SciPlay
Corporation