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| Company |
Code |
Released |
Type |
Headline |
| Sky City Entertainment Group Limited (NS) |
SKC |
28 Sep, 2007, 09:44 |
TAKEOVER |
Update on Acquisition Approach to SKYCITY |
| Full Text of Announcement |
On 21 September 2007, SKYCITY Entertainment Group
Limited advised that it had received a confidential
approach from a party expressing an interest in
acquiring 100% of the shares in the company. SKYCITY
also advised that the interested party had indicated a
potential cash offer price range (subject to
conditions) which would represent a significant
premium to SKYCITY's share price (at that time), if a
transaction were to eventuate.
SKYCITY's board of directors has, since the 21
September announcement, been able to clarify the
approach received. Following its evaluation of the
approach received, the board advises that it:
- has agreed to allow the interested party to
undertake commercial and financial due diligence on
SKYCITY which may potentially result in a firm
proposal to acquire SKYCITY, and
- will consider approaches from other parties
interested in acquiring control of or merging with
SKYCITY. The board plans to actively approach other
parties to assess their potential interest in SKYCITY.
The board considers that these actions are in the best
interests of both SKYCITY and its shareholders.
The board notes that the interested party that has
made the approach has insisted that its identity
remain confidential. However, the board advises that
it considers the interested party to be credible and
its approach to SKYCITY to be genuine.
The board continues to caution shareholders that there
is no assurance that the approach received will result
in any specific transaction.
To avoid any market uncertainty, the board also
advises that:
- it will continue to test market interest in SKYCITY
Adelaide, and
- the sale process in relation to SKYCITY Cinemas is
progressing as planned and, at this stage, is not
expected to be impacted by the acquisition approach
received.
The SKYCITY board has appointed a sub-committee of
independent directors comprising Rod McGeoch, Sir
Dryden Spring and Patsy Reddy to handle this matter.
First NZ Capital, Credit Suisse and Bell Gully have
been appointed as advisers.
The board will keep shareholders appropriately
informed of any further developments. |
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