bongo66
01-03-2005, 07:29 PM
Is this another rumour? There was big trading in SKC yesterday:
Sky City Likely N.Z. Takeover Target, ABN Amro Says (Update1)
Feb. 25 (Bloomberg) -- Sky City Entertainment Group Ltd., which owns casinos in New Zealand and Australia, is the most likely takeover target of New Zealand's large companies amid consolidation in the gaming industry, ABN Amro said.
``Sky City is the most likely to be subject to a takeover bid in 2005,'' James Miller, an analyst at ABN Amro in Auckland, said in a report e-mailed to Bloomberg News. Earnings growth at gaming companies is slowing, while cash flows are strong amid gaming
industry mergers and acquisitions in New Zealand and Australia, Miller said.
Australian gaming companies have been merging in the nation's A$15 billion ($12 billion) industry the past three years to boost earnings, cutting the number of casino operators to six from nine, amid government restrictions on slot-machines and smoking. Sky City could become a target as gaming companies seek to expand through acquisitions, Miller said.
``Further consolidation is inevitable,'' said Miller. ``Sky City is one of the few notable targets remaining in the sector.''
Sky City, New Zealand's largest casino company, last year bought MGM Mirage's Darwin Casino, adding to its Adelaide casino in Australia.
Tabcorp Holdings Ltd. became Australia's biggest gambling operator after spending A$3.9 billion the past two years buying casino operator Jupiters Ltd. and betting shop owner Tab Ltd. Publishing & Broadcasting, controlled by Kerry Packer, Australia's richest man, bought Burswood Ltd. in 2004 and has teamed up with Macau's Stanley Ho to develop casinos in Asia.
A potential bidder would need to pay NZ$6.30-a-share to NZ$6.70-a-share to acquire all of Sky City, Miller said. Shares in Sky City, which have gained 13 percent the past six months, closed unchanged at NZ$5.06 at 5 p.m. in Wellington.
Tabcorp is the most likely acquirer of Sky City, the National Business Review reported today. Miller declined to comment on the newspaper report.
I wouldnt want to sell if it is true.
B;)
Sky City Likely N.Z. Takeover Target, ABN Amro Says (Update1)
Feb. 25 (Bloomberg) -- Sky City Entertainment Group Ltd., which owns casinos in New Zealand and Australia, is the most likely takeover target of New Zealand's large companies amid consolidation in the gaming industry, ABN Amro said.
``Sky City is the most likely to be subject to a takeover bid in 2005,'' James Miller, an analyst at ABN Amro in Auckland, said in a report e-mailed to Bloomberg News. Earnings growth at gaming companies is slowing, while cash flows are strong amid gaming
industry mergers and acquisitions in New Zealand and Australia, Miller said.
Australian gaming companies have been merging in the nation's A$15 billion ($12 billion) industry the past three years to boost earnings, cutting the number of casino operators to six from nine, amid government restrictions on slot-machines and smoking. Sky City could become a target as gaming companies seek to expand through acquisitions, Miller said.
``Further consolidation is inevitable,'' said Miller. ``Sky City is one of the few notable targets remaining in the sector.''
Sky City, New Zealand's largest casino company, last year bought MGM Mirage's Darwin Casino, adding to its Adelaide casino in Australia.
Tabcorp Holdings Ltd. became Australia's biggest gambling operator after spending A$3.9 billion the past two years buying casino operator Jupiters Ltd. and betting shop owner Tab Ltd. Publishing & Broadcasting, controlled by Kerry Packer, Australia's richest man, bought Burswood Ltd. in 2004 and has teamed up with Macau's Stanley Ho to develop casinos in Asia.
A potential bidder would need to pay NZ$6.30-a-share to NZ$6.70-a-share to acquire all of Sky City, Miller said. Shares in Sky City, which have gained 13 percent the past six months, closed unchanged at NZ$5.06 at 5 p.m. in Wellington.
Tabcorp is the most likely acquirer of Sky City, the National Business Review reported today. Miller declined to comment on the newspaper report.
I wouldnt want to sell if it is true.
B;)