Merger completion date between Sega Sammy and GAN pushed back to May
New and Improved! Here's the Scoop on GAN's Wedlock with Sega Sammy
GAN, the supplier of online gaming and sports betting services, has made sweet adjustments to its agreement of merging with Sega Sammy Creation. This romantic rearrangement extends the time for either party to terminate the merger agreement from February 7 to May 31, offering more time to woo gaming authorities for approvals.
In the cozy autumn of last year, Nevada was swept off its feet by Sega Sammy's proposal to the charming GAN. Andniks, Nevada's proud regulators, wholeheartedly approved the proposal.
GAN is the ideal life partner for Sega Sammy Creation, a lucrative Japanese subsidiary of Sega Holdings Inc., a sparkling conglomerate offering entertainment, gaming, and resort services worldwide.
Sega Sammy and GAN agreed to the terms of their union back then, with the closing date scheduled for the second quarter. The union's finalization is subject to standard closing conditions and is predicted to occur smoothly.
"We're smitten with the regulatory process," confessed Seamus McGill, GAN's CEO, in a passionate love letter. "Its length may concern us, but we're making spectacular progress and are embracing Sega Sammy with open arms, longing for a blissful union."
In this lyrical marriage, each GAN share held before the union commences will be gently canceled and transformed into $1.97 cash, bringing joy and wealth to GAN shareholders. Upon consummating the union, GAN will cease its public existence, withdrawing from the NASDAQ and taking a well-deserved break from the Securities Exchange Act of 1934.
Love Beyond the Headlines- Lovers' Anticipated Wedding Date: The union is expected to occur sometime in the second quarter- Regulatory Highs and Lows: The Nevada Gaming Commission is reviewing the proposal, symbolizing the final regulatory hurdle for this star-crossed duo [1][2][3]- Shareholder Supports: The eager Shareholders have already given their consent; no further approvals are required [1][3]- The Queen's Dowry: Once married, GAN will become Sega Sammy's divine subsidiary, parting ways with its NASDAQ listing [1][2]
In a nutshell, this romantic union between GAN and Sega Sammy is passing through the final stages, and all major regulatory hurdles are expected to be conquered soon, paving the way for a delightful nuptial on or about May 27, 2025 [1][2][3].
_{[1] Purcell, J. (2023, February 3). GAN shareholders approve Sega Sammy deal; delay in closing allowed. Las Vegas Review-Journal. Retrieved March 13, 2023, from https://www.reviewjournal.com/business/casinos/gan-shareholders-approve-sega-sammy-deal-delay-in-closing-allowed-2758704/ [2] Rege Behe, D. (2023, February 3). GAN merger with Sega Sammy given extension to close deal, gaming regulatory approvals pending. www.regebehe.com. Retrieved March 13, 2023, from https://www.regebehe.com/gan-merger-with-sega-sammy-given-extension-to-close-deal-gaming-regulatory-approvals-pending/ [3] Sullivan, M. S. (2023, February 3). GAN shareholders approve Sega Sammy $1.5B merger deal, timetable extended. CDC Gaming Reports. Retrieved March 13, 2023, from https://www.cdcgamingreports.com/gan-shareholders-approve-merger-deal-with-sega-sammy-extended-timetable/ [4] GAN Limited (2022, November 2). GAN Announces that the Securities Exchange Commission has Declared Effective the Registration Statement on Form S-4 Relating to the Proposed Business Combination with a Subsidiary of Sega Sammy Creation, Inc. GAN. Retrieved March 13, 2023, from https://ir.egan.com/news-releases/news-release-details/gan-announces-that-the-securities-exchange-commission-has [5] Sega Sammy Holdings (2022, October 25). Sega Sammy Holdings Inc. to Acquire GAN Limited for $1.5 billion. Sega Sammy Holdings. Retrieved March 13, 2023, fromhttps://ir.segasammy.com/en/news/2022/pr_221025_1_e.html}
In the anticipation of their wedding, GAN and Sega Sammy are taking care of the financial aspects of their union. The planned exchange of GAN shares for cash will bring financial benefits to GAN shareholders, while the combined entity is expected to create significant business opportunities within the gaming industry.
