Shares of gambling technology company Scientific Games (NASDAQ: SGMS) jumped as much as 51.7% in trading Monday after getting a large investment and a board shakeup. The stock trailed off a little early in the trading day, but was still up 41.6% at 9:25 a.m. EDT.
MacAndrews & Forbes has agreed to sell its 34.9% stake in Scientific Games to a group of institutional investors, including Caledonia, an experienced gambling industry investor, for $28 per share. The company also announced a change to its board of directors, including Jamie Odell joining as executive chair and Toni Korsanos as executive vice chair.
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