SkyCity Entertainment Group Says it Rejected Two Takeover Proposals Earlier This Year; Shares Rise 5%

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SkyCity Entertainment Group (ASX:SKC, NZE:SKC) said it received two indicative takeover proposals in May, but its board unanimously determined that the offers did not adequately reflect the company's underlying value, according to a Tuesday filing with the Australian and New Zealand bourses.

A fund managed by Oaktree Capital Management proposed to acquire SkyCity at an indicative price of NZ$0.70 per share in cash, while another party offered to acquire the company for NZ$0.75 per share in cash.

SkyCity said it was prepared to engage further with both parties if they provided revised proposals, but neither party submitted improved offers.

SkyCity issued the statement in response to recent media speculation that it is in discussions with Oaktree Capital for a potential takeover of the company.

SkyCity's New Zealand shares rose 5% in recent Tuesday trade.

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