SkyCity rejects two unsolicited takeover proposals from Oaktree and another bidder
SkyCity said it rejected two confidential, non-binding acquisition proposals in May, including Oaktree’s NZ$0.70-per-share offer and a separate NZ$0.75-per-share bid from an unnamed party. The board said the prices undervalued the company and the conditions were problematic; neither bidder returned with a revised proposal.
SkyCity rejected both offers as undervaluing the company, leaving its asset-sale and restructuring plans in place unless a bidder addresses its objections.