WASHINGTON (dpa-AFX) - International Game Technology (IGT) announced that it has filed preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with the Company's 2013 Annual Meeting of Shareholders.
IGT's Board recommended shareholders vote FOR the Board's eight directors, seven of whom are independent, on the WHITE proxy card-Paget Alves, Janice Chaffin, Greg Creed, Patti Hart, Robert Miller, David Roberson, Vincent Sadusky and Philip Satre.
IGT noted that it has received a Notice of Intent to Nominate four director candidates for election to the IGT Board at the Company's 2013 Annual Meeting of Shareholders. The Notice of Intent to Nominate was submitted by Ader Investment Management LP in conjunction with and on behalf of Charles Mathewson, the former Chairman and CEO of IGT, and Richard Pickup, a longtime associate of Mathewson or the 'Ader Group'.
The Ader Group has indicated that, collectively, it has beneficial ownership of 8.05 million shares of IGT common stock, or approximately 3 percent of total IGT shares outstanding. The Ader Group has informed the Company that it intends to nominate Jason Ader, Raymond Brooks, Charles Mathewson and Daniel Silvers.
IGT said its board believes that the Ader Group's proxy fight is the result of a long-running dispute between IGT and Mathewson. Following Mathewson's retirement in 2003, he has repeatedly attempted to exert influence over the Company's operations and extract personal financial benefits at the expense of all other shareholders. In 2010, the IGT Board severed all financial ties with Mathewson, the company said.
IGT stated that its board strongly believes that the Ader Group nominees, if elected, may seek to advance an agenda that is not in the best interests of all IGT shareholders.
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