IGT Seeking Sale: Shares Hit Five-Year Record High
News that International Game Technology (IGT) is potentially seeking a buyer resulted in shares reaching a five-year high on Monday. Morgan Stanley has been brought on to assess a sale of the slot maker’s business.
The shares rose 14 percent to $14.31 at the close in New York Monday, the biggest one-day gain since April 3, 2009. The stock had fallen 31 percent this year through June 6.
The company makes popular slot machines bearing a variety of brands such as that of television show "Wheel of Fortune," as well as the movie "Avatar."
According to IGTs website, customers include Stations Casinos, MGM Resorts International, and the Bellagio Resort and Casino.
IGT was the subject of a hostile board shakeup last year widely covered on the Gambling911.com website at the time.
- Aaron Goldstein, Gambling911.com
