LAS VEGAS and NEW YORK, July 1,
2013 /PRNewswire/ -- International Game Technology
(NYSE: IGT) (the "Company"), a global leader in casino gaming
entertainment and systems technology, and the Ader Group today
announced that they have reached an agreement (the "Agreement") in
connection with the proxy contest related to IGT's 2013 annual
meeting of shareholders (the "Proxy Contest").
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Pursuant to the Agreement, the members of the Ader Group have
agreed to observe certain standstill provisions for four
years. In addition, the Ader Group and the Company have
agreed to a mutual release of claims in connection with, relating
to or resulting from the Proxy Contest. The Company has
agreed to reimburse the Ader Group for its documented out-of-pocket
costs, fees and expenses incurred in connection with the Proxy
Contest, up to a maximum amount of $2.5
million.
The Ader Group noted that it strongly supports IGT's current
direction and recognizes the significant contributions under the
leadership of Patti Hart, her
management team and the Board of Directors to advance the Company's
business, strategy and corporate governance practices. In
addition, the Company acknowledges that Charles Mathewson was instrumental in driving
IGT's leading market share and creating significant shareholder
value, during a dynamic growth phase for the Company and the
industry.
About IGT
International Game Technology (NYSE:
IGT) is a global leader in casino gaming entertainment and
continues to transform the industry by translating casino player
experiences to social, mobile and interactive environments for
regulated markets around the world. IGT's acquisition of DoubleDown
Interactive provides engaging social casino style entertainment to
more than 6 million players monthly. More information about IGT is
available at IGT.com or connect with IGT
at @IGTNews or facebook.com/IGT. Anyone can play at
the DoubleDown Casino by
visiting http://apps.facebook.com/doubledowncasino or
doubledowncasino.com
About Ader Investment Management LP
Ader Investment
Management LP is a Delaware
limited partnership that was founded in 2003. Ader Investment
Management LP is an SEC-registered investment adviser with its
principal place of business located in New York, New York. Ader Investment
Management LP began conducting business in 2003, under the name of
Hayground Cove Associates LP. In June
2011, Hayground Cove Associates LP changed its name to Ader
Investment Management LP. Mr. Jason
Ader is the sole principal of the firm, and is also the
managing member and sole principal of the firm's general partner,
Ader Fund Management LLC.
SOURCE International Game Technology