Inspired Entertainment is keeping tight-lipped on speculation that it has made a $370m offer to acquire the Las Vegas-based slot machine maker PlayAGS.
Last week, a report emerged from Reuters detailing the nine-figure bid with an accompanying line that PlayAGS was in preliminary discussions about a potential deal, though an initial proposal had already been rejected and no transaction was certain.
Inspired has since responded with its own statement to address recent reports. It read: “Inspired Entertainment, a leading B2B provider of gaming content, technology, hardware and services, today noted recent speculation in the press and financial markets regarding a potential transaction with PlayAGS.
“As a matter of policy, Inspired does not comment on market rumours or speculation.”
Despite a recent upturn which saw the firm report $76.6m in quarterly revenue last week, PlayAGS has been severely hampered by the effects of the COVID-19 pandemic and is reportedly worth just one-fifth of its 2019 market valuation.
PlayAGS shares had ended trading on Thursday at $6 before jumping more than 25% to $7.52 at the close of Friday.
Inspired, meanwhile, reported record 2022 Q2 revenues of $71.2m last week, and its Chief Financial Officer, Stewart Baker, has revealed the New York-based company is ‘actively looking’ at a number of M&A activities.
“We are certainly willing to use capital for M&A if it’s something that strategically fits with what we are trying to do,” Baker said.
“And there seem to be a lot of things around right now presenting themselves as possibilities.”
