Australian theme park and cinema operator Village Roadshow has again extended its all-cash AUS$142m takeover offer for Sydney Attractions Group (SAG), for a further month until 14 February.
Village Roadshow now owns 40.34 per cent of SAG and has extended the offer while it waits for details of paid admission numbers to SAG-operated attractions for the last six months - which the company has said it will not release until its half year results are announced next month.
SAG has previously advised shareholders not to accept the AUS$6.50 per share offer, claiming it undervalues the company, but Village Roadshow has said it will not increase the price.
In a statement released after Village Roadshow’s previous extension, to 14 January, SAG CEO Kevin Bush said: “The majority of our shareholders concur with the
view of SAG’s Board that $6.50 is simply not enough to hand over control of these
valuable assets.
“SAG shareholders would be best served by holding onto their shares and
participating in the significant growth opportunities of the group.”
Sydney Attractions Group operates Sydney Aquarium, Sydney Tower and Oz Trek and Sydney Skywalk, and in late 2006 opened the new AUS$52m (US$39m, £21m, 31m euro) Sydney Wildlife World.