Sky City says bah humbug

The bid is worth only $14 million and was welcomed as a move that would tidy up Sky Entertainment's empire and help Sky Leisure to fund its growth.

Analysts panned as too low a bid by Sky City Leisure's majority shareholder, Sky City Entertainment, to mop up the shares and notes it doesn't already own.

Sky Entertainment is offering 82c a share ­ 22% below the pre-bid market price ­ and $1.60 a convertible note to take its 74.4% holding to 100%.

Sky Leisure's independent directors gave the bid an immediate thumbs up.

But the bidder's stinginess could be the cause of its own undoing.

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