The takeover bid, which is not subject to shareholder approval, will cost RM6.7 billion ($2.05 billion) should Genting manage to buy out all the shares.
In about seven weeks, Genting Malaysia Bhd (GenM) will know if the New York Gaming Facility Location Board has granted it a full-fledged casino licence in the state — something that the company has long wished for and which some perceive to be as good as hitting the jackpot.
While awaiting the decision to come from the US on Dec 1, GenM’s controlling shareholder, Genting Bhd, in an unexpected turn of events, made a voluntary general offer (VGO) to take GenM private at RM2.35 per share.
