Sky City Deal Expected to Go Ahead
8 Jun 2004
NEW ZEALAND – As reported by the New Zealand Herald: "Sky City's takeover offer for cinema operator Sky City Leisure closed last night and was expected to reach the 90 per cent conditional threshold for the deal to go ahead.
"The casino operator said in April that it was seeking the 26 per cent of Sky City Leisure it did not own.
"The offer, of 82c a share and $1.60 for mandatory convertible notes (McN), was conditional on Sky City gaining 90 per cent of Sky Leisure, which would allow for compulsory acquisition of the remaining shares.
"…The company will announce its new shareholding this morning and, if it is at least 90 per cent, its intention to compulsorily acquire all outstanding shares…"