Stockholders of US-listed Gaming Partners International (GPI) have officially approved the company’s tie up with Japanese playing cards manufacturer Angel Holdings.
The special meeting of its stockholders was held on Tuesday, with an overwhelming majority in favor of the merger.
The proposed merger was first announced in November 2018, when GPI entered into a merger agreement with Angel for a cash transaction valued at approximately $110 million.
According to a filing from GPI to the Securities and Exchange Commission at the time, the consideration to be paid to GPIC’s stockholders will be $13.75 in cash for each share of GPIC common stock. Upon closing of the transaction, Angel will own 100 percent of GPIC.
Angel manufactures and supplies playing cards and card games for both the gaming industry and the retail market. Angel’s many products include the best-selling Angel Protect Pre-shuffled Cards, and the Angel Eye series of electronic shoes. Angel’s principal business office is located in Kyoto, Japan, with manufacturing facilities in Japan and Singapore. Angel also has offices in the United States, Macau, Australia, and the Philippines.
GPIC manufactures and supplies casino table game equipment to licensed casinos worldwide. Under the brand names of Paulson, Bourgogne et Grasset, Gemaco, Dolphin and Bud Jones, GPIC provides casino currency, including chips, plaques and jetons; playing cards; table layouts; gaming furniture and table accessories; dice; and roulette wheels. GPIC pioneered the use of security features like radio frequency identification device (RFID) technology in casino currency and offers RFID solutions including RFID readers, software, and displays.