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."