Serengeti-led investors boost stake in Shuffle Master to 8.7%

By Lisa Kerner

Charlotte, N.C., July 28 - Investors led by Serengeti Asset Management LP and J.L. Serengeti Management LLC bought 2.25 million shares of Shuffle Master, Inc. on July 25 for $4.25 each.

The purchase was reported in a schedule 13D filing with the Securities and Exchange Commission.

In a prior SEC filing, the investors said they expect to engage in further discussions with the company's management and some board members regarding the dilutive impact of the company's proposed public offering of common stock on Shuffle Master's existing stockholders.

In the past, Serengeti recommended that Shuffle Master solicit director nominees from significant stockholders.

The investors beneficially own 4.6 million, or 8.7%, of the Las Vegas-based gaming supply company.

Between May 27 and July 9, Serengeti reported the purchase of 850,005 Shuffle Master shares priced from $4.30 to $5.49 each.

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