New Zealand Stock Exchange-listed casino operator SkyCity Entertainment Group is continuing its search for a buyer to take over its entire business, despite rejecting two proposals last month, arguing that they did not “reflect the underlying value of the company. ”
According to The Post, SkyCity’s board told shareholders that earlier bids from US asset management firm Oaktree Capital Management and Australian property development group Iris Capital were too low. Despite that, the board remains in active talks with the bidders while also trying to engage more groups interested in buying SkyCity.
At the time of the bids, SkyCity’s shares were trading at NZ$0.64 (US$0.36).
