{
  "id": 3116409,
  "title": "SkyCity receives and rejects two cheap takeover offers",
  "url": "https://urgent.news/2026/08/24/skycity-receives-and-rejects-two-cheap-takeover-offers",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-24T21:32:27.000Z",
  "source": {
    "name": "RNZ Business",
    "slug": "rnz-business",
    "url": "https://www.rnz.co.nz/news/business/1114522/skycity-receives-and-rejects-two-cheap-takeover-offers"
  },
  "original_language": "en",
  "account": "SkyCity, a casino and gaming company, recently received and discarded two unsolicited takeover offers. The company revealed this after media reports suggested it was in talks with Oaktree Capital, a US private equity firm. In May, Oaktree presented a non-binding, conditional offer of 70 cents per share, while another unnamed party submitted a proposal at 75 cents per share. SkyCity's shares traded at 66 cents each upon the speculation and have fluctuated between 46 and 99 cents in the past year. The proposed valuations for the company ranged between $770 million and $825 million.\n\nBoth deals came with numerous conditions, including a minimum 8-week due diligence period, securing debt financing, agreeing on a transaction structure, obtaining board support, shareholder approval, regulatory clearances, and acquirer's internal approvals. SkyCity also required exclusivity and a commitment that it would not sell any assets. The company's board unanimously decided that these offers failed to reflect the true value of the company and that the conditions were problematic. Consequently, the company informed the potential buyers that it was not willing to proceed under the proposed terms.\n\nSkyCity had recently disclosed a decline in its full-year profit, the possibility of job cuts, and plans for asset disposals. The company is currently exploring the sale of properties, such as its Grand Hotel, with the aim of raising $275-300 million.",
  "summary": "It said the suitors also wanted to be exclusive bidders and undertakings that SkyCity would not sell any assets.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}