VGW shareholders approve of the takeover
The shareholders of VGW approved an agreement for the founder Laurence Escalante to acquire a complete property of the Casino company.
Escalante has actually bid for the part of 30% remaining in VGW that it did not have, with the acquisition of 632 million AUD (409 million dollars) offered through its vehicle for special use, Ocean Bidco Limited.
At $ 3.32 per share, the offer would have been “fair and reasonable” by Kroll Australia, who estimated VGW up to $ 3.70 per share.
In the end, the proposal was accepted after 85% of VGW shareholders voted to approve the sale of minority participation.
It represents greater value for shareholders compared to the previous attempt at Ocean Bidco from $ 2.26 to $ 2.58 per share, which was refused by the board of directors to supervise the sales process.
There will be other yields as part of the transaction, because Ocean Bidco will borrow up to $ 586 million from VGW to finance the transaction for the remaining 30% of the game operator.
Agreement subject to the approval of the Federal Court
Chairman of the Committee of the Independent Board of Directors of VGW Mike Symons said at the end of the vote:
“I would like to thank all the shareholders of VGW for their participation in the shareholders’ meetings today and their support in VGW.”
Despite a complete agreement, the transaction is subject to additional approval of the Australian Federal Court, with an audience that will take place on Tuesday, August 5.
If it is approved, the rest will become a formality with additional legal correspondence to follow.
VGW would have recorded $ 4 billion in revenues for the 12 months until June 30, 2024, the results providing an increase of 27% in annual slip.
The company recently confirmed that its Casino Chumba Casino and Luckyland platforms will no longer be available for New Jersey players, due to the incoming ban on state competition casinos.
Image credit: VGW
Post-VGW shareholders approve the escalation control offer appeared first on Readwrite.
[og_img]
About The Author
