Stanley Leisure agrees to $1.2 billion offer from Genting |
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Published
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Mon, 11 Sep 2006 09:20
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LONDON - Casino operator Stanley Leisure today confirmed that it had agreed to a takeover offer from gaming firm Genting of Malaysia. Stanley Leisure said it would recommend that its shareholders accept the 860 pence per share offer from Genting, which values the company at 639 million pounds or $1.2 billion.
Genting already owned 20 percent of the casino operator. Over the last two days, the Malaysian firm acquired another 11 percent from Stanley's founder and chairman Lord Steinberg. After this deal was confirmed, Stanley Leisure agreed to the takeover. Genting's current offer is 26 percent over Stanley’s closing stock price on Friday.
Tan Sri Lim Kok Thay, chairman of Genting International expressed happiness over the acquisition, "We are delighted that the board of Stanley is recommending this offer and look forward to Stanley joining Genting International to create an even stronger base for its future in the UK and the rest of Europe," he said.
Genting said that it now approximately owned 30.5 percent stake in Stanley Leisure. The company is based in Hong Kong and listed in Singapore and enjoys almost monopoly status in the Malaysian gaming market. It was looking at lucrative UK markets and the deal with Stanley Leisure ensures that it will gain a solid foothold here.
Bob Wiper, chief executive of Stanley said that Genting's offer had "fair value" for the company's shareholders.
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1316.12 |
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RIO TINTO
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INTEL CP
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Stanley Leisure and London Clubs in merger talks 