Genting Malaysia joint venture to delist Empire Resorts from Nasdaq

Genting Malaysia has begun delisting Empire Resorts’ common stock from the Nasdaq Global Select Market after stockholders recently approved a merger.

Malaysia.- After stockholders approved Genting Malaysia-Kien Huat’s joint proposal to acquire Empire Resorts, they began delisting the company from Nasdaq. 

The casino operator had announced the companies’ intention earlier this year, which stockholders approved. Genting Malaysia and Kien Huat will take over outstanding shares owned by others in Empire Resorts for €8.82 each. 

On a recent meeting, stockholders approved the proposed merger, Genting Malaysia told Bursa Malaysia in a statement.

Genting Malaysia and Kien Huat control an 86% stake in Empire Resorts.

The proposal

The family trust submitted the proposal during the first week of August. If approved, Genting Malaysia would assist the company and its subsidiaries pursuant to an arm’s length operations agreement. “We believe that the transactions contemplated by the term sheet should provide comfort and assurance to the company’s various stockholders,” said the company.

“This includes the special committee, as well as the company’s stockholders and lenders, regarding Genting Malaysia’s and Kien Huat’s commitment to pursuing an acquisition of the company expeditiously, thereby providing certainty of value and liquidity to the minority stockholders and creating a path to improve the long term operating performance of the company.”

Kien Huat expected to remain the direct or indirect majority owner of Empire’s equity securities. This is according to a letter signed by officials of both Kien Huat and Genting.