US bid for Sky City

24 Sep 2007

NEW ZEALAND -- As reported by the New Zealand Herald: "US private equity giant Providence Equity Partners is at the forefront of speculation about the mystery buyer for Sky City.

"Sky City shares gained 21 per cent in a frenzy of buying on Friday after management disclosed that an anonymous party had expressed interest in acquiring 100 per cent of the company.

"The mystery party was proposing a cash offer at a significant premium to the current share price, the company said in a notice to the stock exchange on Friday morning.

"...Following Friday's market rise, Sky City now has a market capitalisation of $2.39 billion. Its shares will begin trading at $5.28 this morning.

"...Sky City management has since tried to downplay speculation saying the approach was at a very early stage and would not have warranted disclosure had it not been for a technicality related to the profit redistribution."

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	US bid for Sky City 24 Sep 2007 NEW ZEALAND -- As reported by the New Zealand Herald: "US private equity giant Providence Equity Partners is at the forefront of speculation about the mystery buyer for Sky City. "Sky City shares gained 21 per cent in a frenzy of buying on Friday after management disclosed that an anonymous party had expressed interest in acquiring 100 per cent of the company. "The mystery party was proposing a cash offer at a significant premium to the current share price, the company said in a notice to the stock exchange on Friday morning. "...Following Friday's market rise, Sky City now has a market capitalisation of $2.39 billion. Its shares will begin trading at $5.28 this morning. "...Sky City management has since tried to downplay speculation saying the approach was at a very early stage and would not have warranted disclosure had it not been for a technicality related to the profit redistribution."