Inspired Entertainment has made a $370m bid to acquire slots maker PlayAGS.
News agency Reuters reported that the gaming equipment supplier has offered $10 per share in cash for the PlayAGS stock and it immediately gave an impetus to the PlayAGS shares on the US stock market, jumping from $6 to $7.52.
When the news broke, PlayAGS confirmed that it had been approached, while Inspired made no comment.
PlayAGS is backed by equity company Apollo Global Management and went public in 2018, but its shares tumbled during the pandemic. In its latest quarterly revenue report, PlayAGS said revenue had reached $76.6m.
In Inspired’s latest quarterly accounts, revenue rose sharply by 72 per cent to $71.3m.