Avery Ends Share Buyback Program Ahead Of Merger

Casino equipment maker and financial technology supplier Avery Holdings said it has ended its share repurchase program since May 2. The company has not repurchased its shares through the program since December 31 last year, it said in a press release on Monday.

Avery will complete a "strategic merger" with International Game Technology's gaming and digital business. The deal is expected to be "completed in late 2024 or early 2025," according to a February announcement.

In an announcement Monday, Ebury noted that under its existing share repurchase program, it has been authorized to purchase up to $180 million of common stock through Nov. 3 of this year.

Under the program, Avery acquired 7.5 million common shares at an average price per share of $13.40, totaling $100 million, according to the latest update.

Ebury said in a statement on Monday that it could declare a special dividend. The dividend will be paid to group shareholders as of the record date before the completion of the merger with the IGT company.

The dividend "is intended to reflect the cash flow generated by the company by the date of the merger," the company said.

Avery also said on May 1 that it had implemented a mandatory cover sale policy with respect to tax withholding obligations with respect to the attribution and settlement of restricted stock units and performance stock units. This was "in place of the company's historical practice of withholding shares to hold cash for the purpose of special dividends."

The company said it would be "more appropriately allocated to special dividends" to facilitate tax withholding obligations related to cash or stock units that "may have been used in other ways" under its share buyback program.

Avery reported full-year 2023 net income of $84 million, up 3.2% year-over-year to $870.8 million. 안전한 카지노사이트

Brokerage B. Rally Securities suggested in an April memo that IGT's planned merger of its global gaming and play digital division with Avery could be a "modernizing dialysis machine" for the casino sector.