{"id":274107,"date":"2023-05-18T14:05:08","date_gmt":"2023-05-18T19:05:08","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=274107"},"modified":"2023-05-19T13:57:51","modified_gmt":"2023-05-19T18:57:51","slug":"light-wonder-renews-sciplay-acquisition-offer","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/","title":{"rendered":"Light & Wonder Bids Anew for SciPlay, Offers $422M"},"content":{"rendered":"

Nearly two years after it scrapped a similar overture, Light & Wonder (NASDAQ: LNW) bid anew for SciPlay (NASDAQ: SCPL), offering the social casino developer $422 million in cash, or $20 a share, for the 17% the former parent doesn\u2019t yet own.<\/p>\n

\"SciPlay
A slide from a 2019 SciPlay investor deck. Light & Wonder is offering to buy the 17% of the company it doesn’t already own. (Image: Seeking Alpha<\/em>)<\/figcaption><\/figure>\n

Currently, Light & Wonder owns 83% of the equity and 98% of the voting interest in SciPlay, making it nearly impossible for the latter to consider a sale to another party. Formerly the social gaming division of Scientific Games<\/a>, SciPlay was spun off from that company in 2019.<\/p>\n

In July 2021<\/a>, Scientific Games offered an 11% premium to purchase the 19% of SciPlay it doesn\u2019t own.<\/p>\n

The new offer, revealed in a letter from CEO and President Matt Wilson to Light & Wonder\u2019s board of directors, implies an enterprise value of $2.1 billion for SciPlay, and values that company at a 28.5% premium to Wednesday\u2019s closing price.<\/strong><\/p>\n

Light & Wonder noted the transaction won’t require regulatory approval, so it won\u2019t perform due diligence on SciPlay, and it will fund the deal with cash on hand. SciPlay\u2019s well-known offerings are Jackpot Party, Quick Hit Slots, Gold Fish Casino Slots, Hot Shot Casino, 88 Fortunes, Bingo Showdown, <\/em>and Monopoly Slots.<\/em><\/p>\n

Light & Wonder Sees Benefits, Efficiencies<\/h2>\n

In renewing its efforts to bring SciPlay back under the Light & Wonder umbrella, the suitor sees potential benefits in the proposed transaction.<\/p>\n

Unify L&W\u2019s businesses, enabling seamless collaboration with SciPlay that will add further momentum to the Company\u2019s already robust cross-platform strategy; and combine the L&W and SciPlay balance sheets, providing flexibility to invest cash across the enterprise where it will best drive shareholder value,\u201d according to a statement.<\/p><\/blockquote>\n

News of the proposal emerged eight months after activist investor Engine Capital<\/a> urged SciPlay to consider selling itself to its former parent. Last October, Engine Capital estimated the social casino company is worth $15 to $16 a share.<\/p>\n

Engine also claimed the valuation on Light & Wonder wasn\u2019t adequate due to SciPlay being chronically undervalued in public markets.<\/p>\n

Benefits for SciPlay Investors<\/h2>\n

While a closing date for the deal wasn\u2019t mentioned, and there are no assurances the transaction will reach the finish line, there are potential perks for SciPlay investors in rejoining Light & Wonder.<\/p>\n

Through our existing collaboration with SciPlay, we believe the Transaction would be operationally seamless, and we look forward to fully joining forces with SciPlay\u2019s talented leadership team and employees to continue innovating on behalf of customers and players,\u201d opined Wilson in his letter to the board.<\/p><\/blockquote>\n

Additionally, the social casino space is growing, and firms that offer in-app purchases, like SciPlay, are seen as having attractive business models. However, professional investors mostly ignore the universe of related publicly traded stocks.<\/p>\n

For Light & Wonder, bringing SciPlay back in-house could bolster the suitor\u2019s efforts to improve its iGaming footprint and diversify its revenue stream<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly two years after it scrapped a similar overture, Light & Wonder (NASDAQ: LNW) bid anew for SciPlay (NASDAQ: SCPL), offering the social casino developer $422 million in cash, or $20 a share, for the 17% the former parent doesn\u2019t yet own. Currently, Light & Wonder owns 83% of the equity and 98% of the […]<\/p>\n","protected":false},"author":46,"featured_media":182528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,69293,22988],"tags":[81903,81966,81890,82927],"acf":[],"yoast_head":"\nLight & Wonder Renews SciPlay Acquisition Offer<\/title>\n<meta name=\"description\" content=\"Light & Wonder makes new takeover bid for SciPlay.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Light & Wonder Renews SciPlay Acquisition Offer\" \/>\n<meta property=\"og:description\" content=\"Light & Wonder makes new takeover bid for SciPlay.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-18T19:05:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-19T18:57:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/sciplay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/\",\"url\":\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/\",\"name\":\"Light & Wonder Renews SciPlay Acquisition Offer\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/sciplay.jpg\",\"datePublished\":\"2023-05-18T19:05:08+00:00\",\"dateModified\":\"2023-05-19T18:57:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Light & Wonder makes new takeover bid for SciPlay.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-renews-sciplay-acquisition-offer\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/sciplay.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/08\/sciplay.jpg\",\"width\":1280,\"height\":960,\"caption\":\"A slide from a 2019 SciPlay investor deck. 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