By Colin Kellaher

 

Empire Resorts Inc. (NYNY) on Monday said it agreed to be acquired by its controlling shareholder for $9.74 a share in cash.

The Monticello, N.Y., casino and horseracing company said its special committee of independent board members recommended the takeover by Kien Huat Realty III Ltd., the family trust of Genting Group Chairman KT Lim.

Mr. Lim, who already owns about 86% of Empire, in July said he planned to acquire the rest of the operator of the Resorts World Catskills casino.

The purchase price represents a roughly 15% premium to Empire's Friday closing price of $8.45.

Empire said the special board committee, with the help of its financial adviser, will conduct a "go-shop" process over the next 10 business days to solicit alternative acquisition proposals.

Empire said it expects the transaction to close in the fourth quarter.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

August 19, 2019 07:14 ET (11:14 GMT)

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