IGT and Ader Group announce agreement reached

Jul 1, 2013 6:07 PM

Now that the votes have been cast and the battle is over, International Game Technology (IGT) and the Ader Group, a major shareholder that had challenged the company’s proposed slate of directors, the two sides announced Monday an agreement had been reached.

The company has agreed to reimburse the Ader Group for the expenses incurred in connection with the recent proxy fight while the investors agreed to observe certain standstill provisions for four years and to release all claims relating to or resulting from the proxy contest.

The Ader Group said it supported the company’s current direction and recognized the leadership of CEO Patti Hart, her team and the board of directors.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at [email protected].

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