SkyCity Entertainment Receives Unsolicited Buyout Proposal from Oaktree Capital
BAM sits 24% above its 52-week low of $42.2.
Summary
SkyCity Entertainment disclosed that in May it received an unsolicited, non-binding buyout proposal from Oaktree Capital. Oaktree is a subsidiary of Brookfield Asset Management, which completed its acquisition of Oaktree in early August. The proposal was at an indicative price of NZ$0.70 per share, while another party proposed NZ$0.75 per share. SkyCity's board determined the proposals did not adequately reflect the underlying value of the company and that the conditions were problematic, and the parties did not submit revised, improved proposals. The company noted recent media speculation that it is in discussions with Oaktree. No financial terms were disclosed.
At the time of this announcement, BAM was trading at $52.31 on NYSE in the Finance sector, with a market capitalization of approximately $83.6B. The 52-week trading range was $42.20 to $62.57. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.