Pollard Banknote declares interest in acquiring Innova Gaming

Pollard Banknote Limited (Winnipeg, Manitoba), a leading lottery partner to more than 60 lotteries worldwide, has presented a “friendly takeover” proposal to the Innova Gaming Group (Los Angeles, California) to acquire 100% of the issued and outstanding common shares of Innova at a price per share of $2.10, payable in cash. The proposed purchase price represents a compelling value proposition for Innova shareholders. Pollard Banknote added that it welcomes the opportunity to work with the board of directors of Innova and its advisors towards a board-supported transaction. Pollard believes that Innova and its Diamond Game operating business represent unique assets that fit well within Pollard Banknote’s expanding product portfolio – and that the proposed acquisition of Innova would allow Pollard to further grow its partnership with lotteries seeking to expand their products and services.
By leveraging more than 30 years of experience in the lottery and charitable gaming market, Pollard believes it could provide “an exceptional vehicle to increase and maximize the expansion of Innova’s product portfolio – both to existing customers and by initiating new opportunities.” It added that Pollard Banknote and Innova share many of the same customers – and Pollard believes there are opportunities to leverage these relationships to grow the combined revenue base of Pollard Banknote and Innova. “By leveraging key customer relationships and achieving economies and efficiencies of scale, if the proposed transaction is completed, the combined business would be better positioned to compete and grow in the lottery and charitable gaming sectors,” said the Pollard Banknote. Innova Shareholders holding over 49% of common shares have already committed to supporting the move.