PlayAGS skyrockets 30% on report of bid from Inspired Entertainment (update)

Aug. 12, 2022 3:15 PM ETPlayAGS, Inc. (AGS), INSEBy: Joshua Fineman, SA News Editor

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Maksim Labkouski

Update 3:15pm: Adds Inspired declining to comment.

  • PlayAGS(NYSE:AGS) jumped 25% before it was halted for news pending on a report that Inspired Entertainment (NASDAQ:INSE) made an offer to purchase the slot machine maker. Inspired fell 3.3%.
  • Inspired made a $370 million, or $10/share, bid for PlayAGS (AGS), according to a Reuters report, which cited people familiar. There's no certainty any deal will be reached.
  • Inspired (INSE) said in a statement that as per company policy it doesn't comment on market rumors or speculation.
  • The Reuters report follows comments from Inspired (INSE) CFO Stewart Baker said on the company's earnings conference call that the company was looking at a "number" of M&A opportunities.
  • "We’re not going to pay a crazy price for anything," Baker said on the call. "And we insist on there being immediate and visible synergies. So we’re going to allocate capital to M&A, but only if it makes the kind of sense that we’re used to doing."

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