Potential SkyCity buyer still waiting in wings

Rod McGeoch

A potential buyer of casino operator SkyCity Entertainment Group has still not been able to conclude an offer.

The update on progress on a possible deal was included in a letter to SkyCity shareholders today.

On December 5 Sky City revealed one party was interested in making a takeover bid, but was not ready at that time.

The interested party told SkyCity that it had effectively completed due diligence and was "highly interested in pursuing a transaction," but was not then in a position to put an offer on the table.

SkyCity chairman Rod McGeoch said today "the party which had been considering an acquisition of Sky City has been unable to conclude an offer as at this time."

SkyCity shares were unchanged at $4.55 around lunchtime today, having ranged between $5.56 and $4.05 in the past year.

- NZPA