Empire Resorts Gets No New Bids in 'Go-Shop' Period

By Colin Kellaher

Empire Resorts Inc. (NYNY) Tuesday said no new bids emerged during the "go-shop" period under its agreement to be acquired by its controlling shareholder.

The Monticello, N.Y., casino and horseracing company said its special committee of independent board members contacted 19 potential bidders, all of whom declined to make an offer or didn't respond.

Empire said it also received indications of interest from two potential financing sources, but said neither made a takeover proposal as defined by its merger agreement.

Empire last month agreed to be acquired for $9.74 a share in cash by Kien Huat Realty III Ltd., the family trust of Genting Group Chairman KT Lim, who already owns about 86% of the company.

Shares of Empire, which previously said it expects the transaction to close by the end of the year, were recently up 3% to $9.97.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 03, 2019 11:11 ET (15:11 GMT)

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