P.M. BRIEFING : Lottery Company Agrees to Buyout
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PROVIDENCE, R.I. — Lottery giant Gtech Corp. today announced that it has agreed to a $290-million buyout by members of management and a unit of the investment firm Donaldson, Lufkin & Jenrette Securities Corp.
Gtech’s chairman and chief executive, Guy B. Snowden, said about a dozen management officials are involved in the buyout, including himself and Victor Markowicz, Gtech’s vice chairman.
The management group and Donaldson, Lufkin & Jenrette Capital Corp., have agreed to pay $16.625 per share in cash, Snowden said. The company has nearly 10 million shares outstanding.
Gtech produces and operates computerized lottery networks and serves 35 on-line lottery customers in the United States and elsewhere.
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