Friday 23rd April 2004 |
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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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