Key points
- SkyCity received unsolicited takeover proposals from Oaktree Capital and another party
- Proposals offered NZ$0.70 and NZ$0.75 per share, respectively
- SkyCity Board rejected proposals, citing inadequate value and problematic conditions
- SkyCity remains focused on strategic priorities and asset monetisation
Full summary
SkyCity Entertainment Group Limited (SkyCity) notes recent media speculation that it is in discussions with Oaktree Capital in relation to a potential takeover of the company. SkyCity advises that in May 2026, it received a confidential, unsolicited, conditional, non-binding indicative proposal from a special situations fund managed by Oaktree Capital Management, L.P, to acquire all of the issued shares in SkyCity at an indicative price of NZ$0.70 cash per SkyCity share, and another party at an implied indicative price of NZ$0.75 cash per SkyCity share. The proposals were subject to numerous conditions, including a period of at least 8 weeks due diligence and arranging debt financing. The SkyCity Board carefully considered these indicative proposals, with input from management and advisers. The Board unanimously determined that these proposals did not adequately reflect the underlying value of the company, and that the conditions were problematic. Accordingly, the parties were advised that SkyCity was not prepared to proceed on the terms proposed. SkyCity continues to focus on executing on its strategic priorities as set out in its FY26 results announcement on 20 August.