Hong Kong-listed Melco International Development Ltd has completed a merger exercise involving Entertainment Gaming Asia Inc, the latter company announced on Thursday in a press release.
Melco International, through its wholly-owned subsidiary EGT Nevada Holding Inc, effected a short-form merger of EGT Nevada into Entertainment Gaming Asia on June 21. The merged entity will carry the Entertainment Gaming Asia name and became a wholly-owned subsidiary of Melco International, according to the release.
Entertainment Gaming Asia’s shares were delisted and removed from trading on Nasdaq prior to the market opening on Thursday, the company confirmed.
Entertainment Gaming Asia’s business activities include leasing electronic gaming machines in the Philippines market. But the firm has said it has been restructuring its business to focus on social gaming.
Casino investor Melco International Development Ltd – a company controlled by Lawrence Ho Yau Lung (pictured) – completed earlier this month a tender offer for all Entertainment Gaming Asia’s issued and outstanding shares of common stock it did not already own. The tender offer – valued at US$2.35 per share – for Entertainment Gaming Asia stock, expired on June 13.
On Thursday, Entertainment Gaming Asia said the remaining untendered shares “were cancelled and converted into the right to receive a cash payment equivalent to the tender price of US$2.35 per share”.
Melco International also controls Melco Resorts and Entertainment Ltd, a company that operates casinos in Macau and the Philippines.
Sep 19, 2018Nowadays, millennials, people who were born in the 1980s or...
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Oct 23, 2018Visitor arrivals to Macau totalled over 2.56 million in September, up by 3.0 percent year-on-year, the latest data from the city’s Statistics and Census Service showed. The September visitor tally...
Oct 23, 2018
Oct 23, 2018
”We need to have stability – especially in terms of legislation, so that it doesn’t change very often. We have several discussions with the authorities and they understand that stability is a must for the development of this industry”
COO for Russian operations at casino investor Summit Ascent