UPDATE: Snai To Examine Private Equity Takeover Offer

Italian gaming company Snai SpA (SNA.MI) said Tuesday it would examine an offer made by two private equity firms to take it over.

Its board had mandated Chairman Maurizio Ughi to look at the offer made by Bridgepoint Capital Ltd and Axa Investment Managers Private Equity Europe SA, a unit of French insurer AXA SA (AXA), it said in a statement.

Snai didn't elaborate on the offer, but a person familiar with the situation told Dow Jones Newswires Friday it was worth EUR600 million. The person also said London-based Bridgepoint would get 75% of Snai with the remainder going to and Axa, should the offer get accepted.

In Milan, Snai's stock was to begin trading after 1000 GMT. It was last quoted at EUR2.96. With a total of 116,824,985 shares, the quoted price gave it a market capitalization of EUR345.8 million.

In a statement, Snai also said its board had approved a 2010-2013 business plan, which aims to increase revenue to EUR2.8 billion from EUR2 billion and earnings before interest, tax, depreciation and amortization to EUR170 million from EUR125 million.

It also aims to pay off all of Snai's debt, which at Sept. 30 stood at some EUR275 million.

--Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com

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