Sharechat Logo

SkyCity takeover gamble rejected

Wednesday 10th November 2010

Text too small?

SkyCity has confirmed it made a takeover bid for the 50% of Christchurch Casino is does not already own.

In a statement to the stock exchange the company said it was aware of discussion over whether it had offered to acquire the remaining stake from Queenstown company Skyline Enterprises.

"SkyCity wishes to confirm that it has advised Skyline Enterprises of a cash offer that it is willing to make for its interest in Christchurch Casino," the company said.

"The board of Skyline Enterprises has rejected SkyCity's approach."

Reports on Monday claimed an offer of between $100-$110 million was on the table.

Skyline chairman Ken Matthews said the board would consider a formal offer, but indicated Skyline was a long-term investor in Christchurch Casions.

"It's very difficult to find investments in this country of a tourism nature that are of scale,"Matthews said.

"Why would we contemplate selling something that's of scale?"



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report