Genting Singapore, the possessor of the Resorts World Sentosa casino-hotel, denies it’s in continuing takeover discussions with potency suitors. But it did confirm the chairman of its parent accompany received an unsolicited acquisition offer.
In a filing today with the capital of Singapore Stock Exchange, Genting Singapore acknowledges various media reports that surfaced lowest week indicating ongoing discussions with unidentified companies nearly a potency takeover. But the structured resort manipulator says those reports are false.
The companion is non aware of nor has it been political party to any on-going discussions concerning any potency transaction,” it said in the regulatory filing.
The papers was accompanied by another requesting that the change rise a trading halt Genting Singapore Island called for lowest Friday inward the wake of the aforementioned reports.
No Direct Comments on MGM Rumor
Reports suggesting that MGM Resorts International (NYSE:MGM) approached the Lim sept nearly purchasing Genting Singapore Island make been rife. The reports touched cancelled venture that the gaming troupe was also intermeshed inward talks with other suitors.
Genting’s filing with the Republic of Singapore Stock Exchange confirms that Tan Sri Lim Kok Thay, executive chairman of Genting Berhad, received an unsolicited approaching from another companionship regarding an acquisition. But that suer isn’t identified in the document.
Lim “has informed the Company that he is aware, by moral excellence of his posture as Executive Chairman and Chief Executive of Genting Berhad, that Genting Berhad had received an unsolicited come near for its shareholding inwards the Company, which has non been pursued,” according to the filing.
Genting Berhad is an industrial conglomerate with variable lines of business, including casinos inwards the Bahamas, Malaysia, the Philippines, Singapore, and the US, among other interests.
What’s Next for Genting Singapore?
It’s possible Genting Berhad could live paying lip service to the non-acquisition talks bit. But there’s no denying its Singapore Island integrated resort hotel — unity of ii in the city-state — would live extremely coveted by any list of prospective buyers.
Singapore is undecided to international tourists, and gaming executives are enthusiastic nearly the near-term prospects at that place — something that cannot live said of Macau.
On a related note, some analysts believe it’d follow unwise of Genting Republic of Singapore to sell itself before Singapore’s gaming manufacture full recovers. Rather, at to the lowest degree unity bank building suggests the Genting Berhad could opt to sell a partial slice up of the Singapore Island building block and habituate that uppercase to shore up its US gaming operations. It could also potentially pee an acquisition aimed at clear memory access to Macau.
Before the trading to a higher place hold in its shares, Genting Singapore had a market capitalisation of $6.4 billion, making it affordable for an potpourri of possible suitors.