SciPlay Melonjak Selepas Pelabur Aktivis Mendesak Jualan untuk Light & Wonder
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SciPlay Melonjak Selepas Pelabur Aktivis Mendesak Jualan untuk Light & Wonder

Saham SciPlay (NASDAQ: SCPL) melonjak 5.68% dalam sesi dagangan lanjutan hari Isnin. Itu selepas pelabur aktivis Engine Capital mendorong pembangun Data Keluaran SGP permainan mudah alih untuk mempertimbangkan untuk menjual dirinya kepada Light & Wonder (NASDAQ: LNW).

Modal Enjin
Rakan Kongsi Pengurusan Modal Enjin Arnaud Ajdler dalam temu bual. Firmanya sedang menekan SciPlay untuk menjual dirinya kepada Light & Wonder. (Imej: Yahoo Finance )
Slot machine maker Light & Wonder, formerly known as Scientific Games, owns 81% of SciPlay. Formerly the social gaming division of Scientific Games, SciPlay Keluaran Sydney was spun off from that company in 2019. SciPlay’s well-known offerings are Jackpot Party, Quick Hit Slots, Gold Fish Casino Slots, Hot Shot Casino, 88 Fortunes, Bingo Showdown, and Monopoly Slots. The games are free to play, but feature in-app purchases.

Engine Capital wrote a letter to the boards of both companies, laying out a case for why Light & Wonder should acquire the 19% of SciPlay it doesn’t currently own.

The investor, which is one of the largest SciPlay shareholders, says the Las Vegas-based company is worth $15 to $16 a share. At the low end of that range, that implies a valuation that’s more than 25% above the stock’s Monday closing price. Engine believes that the acquisition would immediately add to Light & Wonder’s earnings.

Engine Capital Idea isn’t Original
Activist investors often push for change at the companies they invest in. Hence, the term “activist,” and those alterations can, and do, include mergers and acquisitions.

It’s not a critique, but Engine’s idea of Light & Wonder acquiring SciPlay isn’t original. Scientific Games in July 2021 offered an 11% premium to purchase the 19% of SciPlay it doesn’t own. At that time, the suitor said it wouldn’t entertain other offers for the target.

If a deal can’t be reached between both companies, or if Light & Wonder is no longer interested to acquire SciPlay, we don’t believe the status quo is desirable and we would then encourage SciPlay to start a review of its strategic alternatives and look for a buyer with the blessing of Light & Wonder,” Engine Capital Managing Partner Arnaud Ajdler and partner Brad Favreau wrote.

Light & Wonder abandoned its bid for SciPlay last December, sending shares of the target soaring in the process.

Engine Capital Active with SciPlay
Engine Capital disclosed what’s now a 7.4% stake in SciPlay in a March regulatory filing, and by the end of the second quarter, the investor controlled four board seats at the Las Vegas-based company.

Pada bulan Jun, pelabur aktivis menulis surat kepada lembaga SciPlay, meminta maklumat tentang hubungan syarikat perjudian dengan Light & Wonder. Enjin menyatakan kebimbangan bahawa kedua-dua syarikat yang melanjutkan kontrak harta intelek tidak bernilai kepada SciPlay.

Bercakap tentang nilai, Engine Capital menegaskan perdagangan Light & Wonder pada harga diskaun kepada penilaian intrinsiknya disebabkan HK Prize Hari ini  sebahagian daripada “seretan penilaian rendah SciPlay.” Mungkin ada sesuatu untuk dakwaan itu.

Walaupun terdapat beberapa siri tindakan korporat yang bertujuan untuk mengurangkan hutang dan mengukuhkan kunci kira-kiranya, saham Light & Wonder kehilangan hampir separuh nilainya dalam tempoh 12 bulan yang lalu.