Entertainment group Sky City says a cash offer made to Skyline Enterprises to acquire the remaining 50% interest in Christchurch Casino has been rejected.Sky City confirmed in a statement this morning that it had advised Skyline Enterprises of a cash offe
Entertainment group Sky City says a cash offer made to Skyline Enterprises to acquire the remaining 50% interest in Christchurch Casino has been rejected.
Sky City confirmed in a statement this morning that it had advised Skyline Enterprises of a cash offer for the shares but this was rejected by the board of Skyline Enterprises.
A BusinessDay report this week suggested Sky City had offered between $100 million and $110 million for the 50% stake.
This appeared to be based on a recent Overseas Investment Office decision clearing Sky City’s purchase of a further 4.46% of Christchurch Casinos Limited, a deal that valued the company at $220 million.
Yesterday, Sky City company secretary and general counsel Peter Treacy said the company has made no secret of its desire to own 100% of Christchurch Casino but any discussions remained confidential.
Sky City Shares closed at $3.22 yesterday.
