John Rogers Comments on WMS Industries Inc.

May 09, 2013

In addition, leading gaming machine manufacturer WMS Industries Inc. (WMS), cashed in for a +41.09% gain as it agreed to a buyout. We purchased the stock in the last quarter of 2012 at around $16 per share; as part of our work, we calculated a strategic buyer would likely pay around $32 per share in an acquisition. At the time neither we nor anyone we know of anticipated an offer in the near-term; the calculation is a part of our discipline.

From John Rogers’ first quarter 2013 commentary.

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