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BLB trumps MGM’s bid for Wembley once more
BLB Investors has once again taken the lead in the takeover battle for Wembley, announcing that it has the gaming group’s board’s backing for its revised bid of £308.6m.
The new bid, at 860 pence per share, is just 20 pence per share more than the second bid entered by MGM Mirage.
It is also 7.5 per cent more than BLB’s initial offer, announced on 30 March, of 800 pence per share.
The new bid also includes giving Wembley shareholders shares in Lincoln Park Reorganisation – the company set up to separate Wembley’s Lincoln Park, currently the subject of litigation, from the rest of its business – pro rata to their shareholding in Wembley.
If Lincoln Park is acquitted on all counts, shareholders stand to get a share of money set aside for the case, around £4.4m or 12 pence per share.
BLB is a consortium led by Sol Kerzner and owned by Kerzner, Starwood Capital and Waterford Group.
MGM Mirage, which entered the first bid for Wembley – at 750 pence per share – has said it is considering its options.
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