Genting Singapore Says No Takeover Talks Ongoing, Lim Confirms Unsolicited Bid

Genting Singapore, the owner of the Resorts World Sentosa casino-hotel, denies it’s in continuing takeover discussions with potential suitors. But it did confirm the chairman of its parent company received an unsolicited acquisition offer.

In a filing today with the Singapore Stock Exchange, Genting Singapore acknowledges various media reports that surfaced last week indicating ongoing discussions with unidentified companies about a potential takeover. But the integrated resort operator says those reports are false.

The company is not aware of nor has it been party to any ongoing discussions concerning any potential transaction,” it said in the regulatory filing.

The document was accompanied by another requesting that the exchange lift a trading halt Genting Singapore called for last Friday in the wake of the aforementioned reports.

Reports suggesting that approached the Lim family about purchasing Genting Singapore have been rife. The reports touched off speculation that the gaming company was also engaged in talks with other suitors.

Genting’s filing with the Singapore Stock Exchange confirms that Tan Sri Lim Kok Thay, executive chairman of Genting Berhad, received an unsolicited approach from another company regarding an acquisition. But that suitor isn’t identified in the document.

Lim “has informed the Company that he is aware, by virtue of his position as Executive Chairman and Chief Executive of Genting Berhad, that Genting Berhad had received an unsolicited approach for its shareholding in the Company, which has not been pursued,” according to the filing.

Genting Berhad is an industrial conglomerate with varying lines of business, including casinos in the Bahamas, Malaysia, the Philippines, Singapore, and the US, among other interests.

It’s possible Genting Berhad could be paying lip service to the non-acquisition talks bit. But there’s no denying its Singapore integrated resort one of two in the city-state would be highly coveted by any number of prospective buyers.

Singapore and gaming executives are enthusiastic about the near-term prospects there something that cannot be said of Macau.

On a related note, some analysts believe it’d be unwise of Genting Singapore to sell itself before Singapore’s gaming industry fully recovers. Rather, at least one bank suggests the Genting Berhad could opt to use that capital to shore up its US gaming operations. It could also potentially make an acquisition aimed at gain access to Macau.

Before the trading above halt in its shares, Genting Singapore had a market capitalization of $6.4 billion, making it affordable for an assortment of potential suitors.