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Shuffle Master Inc. stock sale

Jul 1, 2008 7:00 PM

by Ray Poirier | Shuffle Master Inc. (SHFL), which reported that it had returned to profitability in its most recent fiscal quarterly filing, announced on Friday that it plans to sell up to $86 million of common stock.

The offer underwriter is Deutsche Bank Securities.

In conjunction with the offer, the company filed an S-1 statement with the Securities and Exchange Commission explaining that the purpose of the offering was to generate funds to repurchase the company’s 1.25% convertible senior notes due April 19, 2009.

In trading on Monday, the share price of SHFL fell $1.45 to $4.94.