Thursday, August 18, 2022

SkyCity open to takeover from The Star


Casino operator SkyCity Entertainment Group says it is not opposed to a takeover approach from Australia’s Star Entertainment, but will not instigate talks, local media reports.

Chris Moller, chairman of the New Zealand-listed operator denied any approach or talks with The Star during an investor call on Monday, but the board was not opposed to such an arrangement if there was value to be found.

"If they come forward with a proposal then in the best interests of shareholders we will clearly consider it," said Moller in a quote to the Sydney Morning Herald.

Instead, the chairman said SkyCity would instead focus on its international hunt for a new chief executive following the resignation of Nigel Morrison last week.

"At the moment we have a chief executive stepping down, we clearly have to bed in the new team, we have got a search to undertake globally and we've got some very significant [capital] programmes under way," said Moller.

However, on Monday, The Star said there were no plans for discussions between the two companies. "There have been no discussions and we have no plans for any discussions," said a Star spokesman.

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