Empire Resorts Gets No New Bids in 'Go-Shop' Period
September 03 2019 - 11:26AM
Dow Jones News
By Colin Kellaher
Empire Resorts Inc. (NYNY) Tuesday said no new bids emerged
during the "go-shop" period under its agreement to be acquired by
its controlling shareholder.
The Monticello, N.Y., casino and horseracing company said its
special committee of independent board members contacted 19
potential bidders, all of whom declined to make an offer or didn't
respond.
Empire said it also received indications of interest from two
potential financing sources, but said neither made a takeover
proposal as defined by its merger agreement.
Empire last month agreed to be acquired for $9.74 a share in
cash by Kien Huat Realty III Ltd., the family trust of Genting
Group Chairman KT Lim, who already owns about 86% of the
company.
Shares of Empire, which previously said it expects the
transaction to close by the end of the year, were recently up 3% to
$9.97.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 03, 2019 11:11 ET (15:11 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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