Genting Malaysia JV's acquisition-by-merger proposal gets Empire stockholders' approval

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KUALA LUMPUR (Nov 14): Genting Malaysia Bhd said today Empire Resorts Inc stockholders have approved the Genting Malaysia-Kien Huat Realty III Ltd (KH) joint proposal to acquire by merger the outstanding shares held by shareholders of Empire unaffiliated with KH at US$9.74 each.

In a statement to Bursa Malaysia today, Genting Malaysia said the US-listed casino operator's stockholders had approved the proposed merger at the special meeting of Empire stockholders on Wednesday (Nov 13, 2019).

Today, Genting Malaysia said: "As part of the proposed merger and in accordance with the merger agreement, qualified shareholders of Empire will be entitled to receive in cash from (the Genting Malaysia-KH) joint venture [company] US$9.74 for each share of common stock in Empire held," Genting Malaysia said.

At Bursa's afternoon break, Genting Malaysia's share price settled up six sen or 1.9% at RM3.21 for a market capitalisation of RM18.15 billion. The counter saw 3.05 million shares traded.

Read also: Genting Malaysia unit buys 13.2 million Empire shares from Kien Huat