UPDATE 1-Snai chairman to examine private equity offer

Tue Dec 1, 2009 10:45am GMT
 
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* Offer from Bridgepoint, Axa private equity

* Business plan targets higher EBITDA

* Shares open up 2 percent

(Writes through, adds detail)

MILAN, Dec 1 (Reuters) - The board of Italian gaming to ticketing company Snai SpA (SNAI.MI) deepened its consideration of an offer from two private equity firms on Tuesday by asking its chairman Maurizio Ughi to examine it.

Last week, Snai received a binding offer from Bridgepoint Capital Ltd [BRDG.UL] and Axa Investment Managers (AXAF.PA) for Snai's gaming and betting activities.

"The board has limited itself to considering the fairness of and seriousness of the offer. In the near future it will deepen its discussion," Ughi said in an interview in Il Giornale newspaper on Tuesday.

A Snai spokesman said he could not give a timetable for Ughi's considerations.

Italy's gaming industry has proved resistant to the recession, with overall bets up 13 percent in the first 10 months of the year.   Continued...

 

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