HONG KONG, May 19, 2017 /PRNewswire/ -- Entertainment
Gaming Asia Inc. (Nasdaq: EGT) (the "Company") today announced that
its Board of Directors ("Board") has determined that it expresses
no opinion and remains neutral toward the unsolicited cash tender
offer by Melco International Development Limited (HKG: 0200)
("Melco"), through its wholly-owned subsidiary EGT Nevada Holding
Inc. ("Offer"). Pursuant to the Offer, which was published on
May 5, 2017, Melco seeks to acquire
all outstanding shares of common stock, $0.001 par value, of the Company, other than the
shares owned by Melco or its affiliates, at a price of $2.35 net per share.
On May 19, 2017, the Company filed
with the Securities and Exchange Commission ("SEC"), and is mailing
to its stockholders, a Solicitation/Recommendation Statement on
Schedule 14D-9 ("14D-9"). The 14D-9 explains the Board's
position of neutrality and the reasons therefor, and also provides
certain information about: (a) the Company; (b) the Offeror and
Melco; (c) actual or potential conflicts of interests on the
part of the Board; and (d) additional information regarding
the Offer. As more fully explained in the 14D-9, the Board
has decided to remain neutral with respect to the Offer due to the
significant overlap between the Board and the board of directors of
Melco and its key subsidiaries. Because of these significant
overlaps, the Board believes that, with the exception of the one
director, all of the members of the Board have an actual or
potential conflict of interest in evaluating the Offer. As a
result, the Board believes each stockholder should make their own
decision whether to accept or reject the Offer based upon each
individual stockholder's particular investment objectives and
circumstances and their own consideration and evaluation of all of
the Company's publicly available information, including without
limitation, the factors considered by the Board and described in
Item 4. "The Solicitation or Recommendation" of the 14D-9.
The Company's stockholders are advised to carefully read
and review the 14D-9 with respect to the Offer, including but not
limited to, the factors considered by the Board and described in
Item 4 "The Solicitation or Recommendation", filed
with the SEC on May 19, 2017.
The Schedule 14D-9 is available to stockholders on the SEC website
and will be mailed Company's stockholders. The 14D-9 is also
available on the Company's web site at
www.egt-group.investorroom.com under "Financials-SEC
Filings".
Forward Looking Statements
This press release contains
forward-looking statements concerning Entertainment Gaming Asia
Inc. within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Those forward-looking statements include
statements assumptions about our operations, such as cost controls,
market conditions, liquidity and financial condition. Such
statements are subject to certain risks and uncertainties, and
actual circumstances, events or results may differ materially from
those projected in such forward-looking statements. Factors that
could cause or contribute to differences include, but are not
limited to, risks and uncertainties associated with Melco's tender
offer and those other risks set forth in the Company's annual
report on Form 10-K for the year ended December 31, 2016 filed with the SEC and
subsequently filed reports. The Company cautions readers not to
place undue reliance on any forward-looking statements and it does
not undertake, and specifically disclaims any obligation to update
or revise such statements to reflect new circumstances or
unanticipated events as they occur.
Additional Information
This communication does not
constitute an offer to buy or solicitation of an offer to sell any
securities. On May 19, 2017, the
Company filed a Solicitation/Recommendation Statement on Schedule
14D−9 with the SEC. The Solicitation/Recommendation Statement on
Schedule 14D-9 filed with the SEC by the Company with respect to
the Offer will be mailed to the Company's stockholders. INVESTORS
AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE AND OTHER
DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE
THEY CONTAIN IMPORTANT INFORMATION. Investors and stockholders will
be able to obtain free copies of these documents and other
documents filed with the SEC by the Company through the web site
maintained by the SEC at http://www.sec.gov. The 14D-9 is also
available on the Company's web site at
www.egt-group.investorroom.com under "Financials-SEC Filings".
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SOURCE Entertainment Gaming Asia Inc.