Tak Chun CEO Chan Weng Lin may make a mandatory offer for all of the outstanding shares in Macau Legend for HK$1.9 billion (US$245 million) after acquiring a stake in the operator.
According to a filing with the Hong Kong Stock Exchange, Chan agreed to buy 20.65 percent of the Macau operator from co-Chairman David Chow and his wife Melinda. The purchase was made at HK1.05 a share through a unit known as Perfect Achiever Group.
Following the acquisition, Perfect Achiever and parties in concert with the group will represent 67.4 percent of Macau Legend’s shares and therefore are required to make a cash bid for all outstanding stock at the same price. The total consideration for minority shares should the offer be taken up in full is HK$1.9 billion, the filing said. The bid is being made at a 9.3 percent premium over the closing price of the stock on Sept. 11, when the shares were halted pending news.
Following the transaction, David Chow will continue to be the Co-Chairman of the company and will become a non-executive director and Melinda Chan will continue to act as an executive director and CEO.
“We are very pleased to have Mr. Chan joining as a strategic investor of the company,” Chow said in the statement. “He has extensive experience in the Macau gaming and non gaming industries.”
Macau Legend operates the Fisherman’s Wharf property in Macau and Savan Legend in Laos.
The statement said the buyer is not planning any major changes to the group’s activities.