Update 1:35pm : Adds PlayAGS was halted for news pending.
- PlayAGS( NYSE: AGS ) jumped 30% before it was halted for news pending on a report that Inspired Entertainment ( NASDAQ: INSE ) made an offer to purchase the slot machine maker.
- Inspired made a $370 million, or $10/share, bid for PlayAGS ( AGS ), according to a Reuters report, which cited people familiar. There's no certainty any deal will be reached.
- The Reuters report follows comments from Inspired ( INSE ) CFO Stewart Baker said on the company's earnings conference call that the company was looking at a "number" of M&A opportunities.
- "We’re not going to pay a crazy price for anything," Baker said on the call. "And we insist on there being immediate and visible synergies. So we’re going to allocate capital to M&A, but only if it makes the kind of sense that we’re used to doing."
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PlayAGS skyrockets 30% on report of bid from Inspired Entertainment (update)