Scientific Games to buy WMS Industries for $1.5B

Gaming machines maker WMS Industries Inc. is being swallowed up by larger rival Scientific Games Corp. for $1.42 billion in cash and debt.

The deal announced Thursday values WMS at $26 a share -- nearly 60 percent higher than the stock's closing price on Wednesday. Shares shot up in early trading Thursday after the deal was announced, rising 54 percent to reach $25.14, just under its 12-month high.