Sky City suitor not ready to make offer
Wednesday, 05 December 2007

Casino operator Sky City has revealed that only one party is currently interested in making a takeover bid, and it is not ready yet.

The group confirmed no other offers for the company were anticipated "at this stage".

The interested party has told Sky City that it has effectively completed due diligence and continues to be "highly interested in pursuing a transaction," but is not in a position to put an offer on the table yet.

It was not able to meet Sky City's timeframe but remained "highly optimistic of securing suitable financing in the very near term," Sky City said, quoting a letter from the party.

It hoped to be able to provide a "compelling offer" as soon as possible.

Sky City shares were down 21c to $4.74 just before 4pm.

In the meantime, the casino operator said it was focussed on its strategic plan, including the appointment of a chief executive officer.

The strategy includes revenue generation and cost cutting initiatives.

Further developments related to the financing arrangements by a potential acquirer and Sky City was not involved, "so can give no indications or undertakings as to timings or outcomes of those processes".