Empire Resorts to Be Acquired by Controlling Holder Lim
August 19 2019 - 7:29AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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