Genting’s privatisation push falters just as New York delivers a splashy win

[KUALA LUMPUR] Genting Bhd’s bid to take Genting Malaysia (GENM) private fell short as its offer closed with just 73 per cent acceptances on Monday (Dec 1) – a rather muted outcome that landed on the very day its US unit secured one of New York’s highly coveted full casino licences.

The coincidence sharpened a point some analysts had already made: that the offer price underplayed GENM’s future prospects, particularly the value of a potential New York licence, alongside other catalysts such as overseas expansion, asset revaluations and non-gaming divestments.

Genting’s stake in GENM upon the closure of its mandatory general offer is short of the 75 per cent needed to take the company private, leaving its listing status intact.