Bally Gaming says WMS prepared to increase offer.LAS VEGAS--(BUSINESS WIRE)--Sept. 25, 1995--Bally Gaming International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BGII BGII Baldur's Gate II: Shadows of Amn (computer game) ) announced today that representatives of WMS WMS Warehouse Management System WMS Web Map Service (open geospatial consortium specification) WMS West Middle School (Rochester Hills, MI) WMS Workforce Management Software WMS Wechsler Memory Scale Industries Inc. (NYSE NYSE See: New York Stock Exchange :WMS) have informed representatives of BGII that WMS is prepared to increase the exchange ratio under the merger agreement between BGII and WMS to .625 WMS shares for each BGII share. The current merger agreement provides for a .55 exchange ratio. Based on the $22-1/8 per share closing price of WMS common stock on Friday, Sept. 22, 1995, the proposed new exchange ratio in the tax-free merger translates into slightly in excess of $13.82 per share of BGII common stock. WMS's proposal contains certain other terms, including increasing the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). required to meet the condition relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the sale of BGII's German operations from $55 million to $60 million and providing that all proceeds of such sale would be retained by the merged entity. A group led by Hans Kloss, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of BGII and Managing Director of BGII's German operations, had previously indicated it would acquire BGII's German operations for $60 million. BGII stated that WMS and BGII were confident that any remaining open issues relating to the WMS proposal would be resolved promptly. BGII's Board of Directors intends to meet within the next few days to consider WMS's revised proposal. As previously announced, in accordance with its legal obligations, BGII's Board will also consider Alliance Gaming Corp.'s (NASDAQ:ALLY) revised conditional partial tender offer at that time. In the interim, the BGII Board of Directors urges BGII shareholders not to execute any consents requested by Alliance and not to tender any shares to Alliance. Bally Gaming International Inc., through its subsidiaries, is a world leader in the manufacture of gaming and computer-tracking devices for casinos. The company designs, manufactures and distributes its gaming and computer systems through its Bally Gaming Inc. subsidiaries in Las Vegas, and Reno, Nevada and its Bally Wulff subsidiaries in Berlin and Hannover, Germany. CONTACT: Bally Gaming International Inc. Neil E. Jenkins, 312/992-1144 or Sard Verbinnen & Co. George Sard, Anna Cordasco, 212/687-8080 |
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