Yahoo Finance Genting Singapore says unsolicited approach hasn’t been pursued
By Simon Lee
(Bloomberg) — Genting Singapore Ltd., , one of the city-state’s two casino operators, said it was informed that controlling shareholder Genting Bhd. received an unsolicited approach for its holding in the company, and which has not been pursued.
Executive Chairman Lim Kok Thay, who holds the same position in Genting Bhd., confirmed the approach, Genting Singapore said in a stock exchange filing on Sunday.
Genting Singapore “is not aware of nor has it been party to any ongoing discussions concerning any potential transaction,” it said, without providing more details of the approach.
Shares in Genting Singapore jumped on Friday after Bloomberg News reported that it was attracting takeover interest. The company has a market value of about S$9.7 billion (US$7 billion). Genting Bhd., the Malaysian conglomerate backed by the Lim family, owns 53% of the business, data compiled by Bloomberg show.
US rival MGM Resorts International recently approached the family to express its interest in a deal, people with knowledge of the matter said. While those discussions didn’t lead to an agreement, other potential suitors have also been in the preliminary stages of studying Genting Singapore, said the people, who asked not to be identified because the information is private.
One of just two casino operators in the city-state, Genting Singapore operates Resorts World Sentosa, a 49-hectare (490,000 square-meter) destination located on an island off Singapore’s southern coast. It features more than 550 gaming tables and over 2,400 slot machines and other electronic games, according to its website. Other attractions include the Universal Studios Singapore theme park as well as an aquarium, water park, restaurants and shops.
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