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.
Feb 16, 2018Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
Dec 29, 2017It could be 2024 before a casino resort is opened in Japan,...
Dec 27, 2017The year 2017 could prove to have been a turning point in...
Oct 25, 2017The deployment of radio frequency identification (RFID)...
”A challenge to Macau's economic model could potentially emerge over the longer term should China revise existing criminal laws that prohibit most forms of gambling in the mainland... Even in such a scenario, Fitch would expect this to occur gradually”
Fitch Ratings Inc