GGRAsia – Melco Intl completes Entertainment Gaming Asia merger

Melco Intl completes Entertainment Gaming Asia merger

Jun 23, 2017 Newsdesk Industry Talk, Latest News, Rest of Asia

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.