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Genting Malaysia shares fall following plan to buy US-listed Empire Resorts

Shares of casino and resort operator Genting Malaysia Bhd. fell nearly 12% after it disclosed plans to buy Nasdaq-listed Empire Resorts Inc.

In an Aug. 6 filing to the Malaysian stock exchange, Genting Malaysia said it entered a binding term sheet to acquire 13,200,000 common shares, or 46%, of Empire Resorts held by Kien Huat at $9.74 each in cash for a total purchase price of approximately $128.6 million. The stake represents a voting power of approximately 35%.

Under the agreement, the company will then submit a preliminary non-binding proposal to merge with Empire Resorts by acquiring the shares held by Empire Resorts shareholders not affiliated with Kien Huat for the same purchase price of $9.74 per share.

The price represents a 0.42% premium to Empire Resorts' closing price of $9.56 on Aug. 2, the last business day before Genting Malaysia signed the binding term sheet on Aug. 5.

The proposed stake acquisition is expected to close in the third or fourth quarter of 2019. subject to regulatory approvals, including the approval by the New York State Gaming Commission. If Genting Malaysia successfully enters a merger agreement with Empire Resorts, the transaction is expected to be completed in the fourth quarter of the year.

Genting Malaysia's stock closed down 11.91% to 3.18 Malaysian ringgit following the announcement, while Empire Resorts' stock closed up 0.32% to $9.37.