SkyCity opens door to takeover after rejecting two bids

SkyCity has appointed UBS as investment banking adviser & Chapman Tripp as legal adviser, chairman Julian Cook told shareholders.

The hit

SkyCity Entertainment Group is inviting takeover proposals for the entire business through a structured process, chairman Julian Cook told the company’s annual general meeting in Auckland on 21 October, according to GamblingNews. The move follows SkyCity’s rejection of two takeover bids earlier this year. SkyCity has appointed UBS & Chapman Tripp to advise, & is also preparing applications for two New Zealand online casino licences.

Why it matters

A structured sale process gives any bidder access to due diligence, but Cook cautioned it would be time-consuming & might not lead to a sale or any new offers. For the online licence race, SkyCity owns two of the 11 entities approved to progress to the formal application stage, as it works to compete in New Zealand’s new regulated market.

The record

Takeover bids rejected	2, earlier this year, per Julian Cook
Advisers appointed	UBS (investment banking), Chapman Tripp (legal)
Online casino licences sought	2, after initially seeking the maximum of 3 permitted licences
Entities approved to progress	11, by New Zealand’s Department of Internal Affairs; SkyCity holds 2
New Zealand casino operations	30 years, land-based

What happens next

Watch for proposals submitted through SkyCity’s structured sale process, & for the outcome of its online casino licence applications, with the regulated market expected to go live in the second half of financial year 2027.

Sources: SkyCity Opens Door to Structured Takeover While Pursuing Online Licenses

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