May 29, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck
Melco International Development Ltd on Friday announced that the offering period for the issued and outstanding shares of Entertainment Gaming Asia Inc will be extended for five business days, until June 13. The operation is being conducted via EGT Nevada Holding Inc, a wholly owned indirect subsidiary of Melco International.
Melco International, controlled by gaming entrepreneur Lawrence Ho Yau Lung (pictured), had previously announced a tender offer of US$2.35 per share, net to the seller in cash, for all of the outstanding shares of Entertainment Gaming Asia that it does not already own. It is estimated that the offer will cost Melco International up to US$12 million, plus eventual fees and commissions.
EGT Nevada holds approximately 64.8 percent of Nasdaq-listed Entertainment Gaming Asia. The company’s goal is to control at least 90 percent of Entertainment Gaming Asia’s shares or about 9.38 million shares out of 14.46 million outstanding shares. Melco International intends to take Entertainment Gaming Asia private.
Entertainment Gaming Asia had said in a previous filing that, by ceasing to be a Nasdaq-listed entity, it would “benefit from a substantial reduction of burdens on its management and expenses associated with being a public company”.
The shares of Entertainment Gaming Asia ended Friday’s regular trading session in New York valued at US$2.33.
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