Empire Resorts Gets Buyout Proposal From Controlling Shareholder Lim

Date : 08/06/2019 @ 2:22PM
Source : Dow Jones News
Stock : Empire Resorts Inc (NYNY)
Quote : 9.75  0.01 (0.10%) @ 9:03PM
Empire Resorts share price Chart

Empire Resorts Gets Buyout Proposal From Controlling Shareholder Lim

Empire Resorts (NASDAQ:NYNY)
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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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