MacAndrews & Forbes, US billionaire Ronald Perelman’s investment company, has sent an SEC note stating that it is seeking a complete divestment of its Scientific Games Corporation (SGC) shareholding.
The wholly-owned finance tycoon Perelman has reviewed its 39 percent shareholding in SGC, but stressed that it still has to assess a potential outcome for its investment.
Regarded as one of the top 50 richest individuals in the United States, Perelman is SGC’s largest shareholder, the Nasdaq technology corporation serving as the leading systems and network provider for the global gaming and lottery industries.
Perelman is reviewing its position with SGC having raised its stake in the technology sector during its M&A run, which saw it complete back-to – back acquisitions of NYX Gaming and Don Best (2017-2019) technology companies.
Citing the pandemic effect on all core sales sources, SGC reported net operating losses of $155 million for Q1 as the organisation moved to introduce drastic steps to achieve group-wide cost savings of $100 million.
Following its SEC filing, MacAndrews & Forbes issued an additional statement to Bloomberg News revealing that Perelman had instructed fund advisors to review a number of investments in light of social and economic changes resulting from COVID-19 disrupting all global marketplaces.
MacAndrews & Forbes stressed in the declaration that Perelman needed to be ‘opportunistic and flexible to look at new situations.’
On Thursday 23 July SGC will report its interim trading results for 2020.