The Start Entertainment has confirmed it has received a proposition from Bally’s for AU$250m in exchange for a 50.1 per cent stake in the group.
“We are prepared to invest significant time and resources to work with the company to return Star to profitability and sustainability,” reads the letter. “We have retained experienced financial and legal advisors and are prepared to engage immediately.”
The letter stresses that Bally’s is also open to “alternative structures that would similarly preserve value for all key constituents, including regulators, creditors, equity holders and employees.”
The Star stated that it is reviewing the proposal, though “there is no certainty that it will be progressed.”
Last Friday (March 7), the Star agreed to sell a 50 per cent stake in its Brisbane assets to Chow Tai Fook and Far East Consortium International. In addition, the company’s shares were suspended from trading after it failed to submit its half-year financial report on time.
0
20
20
