Genting Malaysia to stay listed after privatisation bid flops

[KUALA LUMPUR] Genting Malaysia will remain listed after Genting said that it secured a 73.13 per cent stake in its offer to take its Malaysian unit private.

Gaming giant Genting had offered RM2.35 per share for the remaining 50.64 per cent interest in Genting Malaysia that it did not already own. The offer represented a 9.8 per cent premium to the Malaysian unit’s price before the takeover bid.

Genting Malaysia’s independent adviser, Kenanga Investment Bank, had urged shareholders to reject the offer, citing a discount to the company’s valuation.

Genting’s Resorts World won a license on Monday (Dec 1) to operate a casino in New York City that is expected to generate billions of US dollars in revenue. BLOOMBERG