Empire Resorts Gets Buyout Proposal From Controlling Shareholder Lim
August 06 2019 - 10:22AM
Dow Jones News
By Colin Kellaher
Empire Resorts Inc. (NYNY) on Tuesday said it received an
unsolicited proposal from Kien Huat Realty III Ltd., the family
trust of Genting Group Chairman KT Lim, to buy the roughly 14% of
the casino and horseracing company it doesn't already own for $9.74
a share.
Empire said its board's special committee of independent,
disinterested directors will review the proposal with the
assistance of its financial and legal advisers.
The Monticello, N.Y., company said the proposal is subject to
various conditions, including completion of due diligence and
regulatory approvals, and advised its shareholders to take no
action at this time.
Mr. Lim, who owns about 86% of Empire, in July said he planned
to acquire the rest of the operator of the Resorts World Catskills
casino.
Shares of Empire rose 1.4%, to $9.74, in early trading
Tuesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 06, 2019 10:07 ET (14:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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