Bridgepoint and AXA Bid for Italian Gamer SNAI

MILAN (Reuters) – Loss-making Italian gaming company SNAI SpA has received a binding offer from private equity funds Bridgepoint Capital Ltd and Axa Investment Managers Private Equity Europe SA, it said on Thursday.

SNAI, Europe’s sixth-biggest listed gaming company by market value, gave no financial details. The joint offer is for ‘reorganisation of the company’s gaming business’, SNAI said in a statement.

‘SNAI’s board deemed the said offer worthy of further examination and has mandated its consultants to assess it.’

On Wednesday SNAI said it had been contacted by various private equity funds but had not yet received a binding offer.

If one arrived, the board would evaluate it along with ‘other opportunities related to extraordinary financial operations’, it said.

A source told Reuters on Wednesday one of the options open for SNAI was issuing a bond.

Italian newspaper Il Sole 24 Ore said in an unsourced report on Thursday that the offer by Bridgepoint and Axa would be only for the gaming business in order to avoid a compulsory takeover bid for the entire company.

In the first nine months of the year SNAI posted a net loss of 9.5 million euros on revenues of 407.3 million euros.

SNAI shares closed down 4.95 percent at 2.8775.

(Reporting by Stephen Jewkes, editing by Will Waterman)