Empire Resorts to be Acquired by Kien Huat Realty III Limited and Genting Malaysia Berhad
EMPIRE RESORTS (NYNY)
US:NASDAQ Investor Relations:
empireresorts.com/investor-relations
Company Research
Source: PR Newswire
MONTICELLO, N.Y., Aug. 19, 2019 /PRNewswire/ -- Empire Resorts, Inc. (NasdaqGM: NYNY) ("Empire Resorts" or the "Company") today announced a definitive agreement under which affiliates of Kien Huat Realty III Limited ("Kien Huat") and Genting Malaysia Berhad ("Genting Malaysia") will acquire all of the outstanding equity of the Company not currently owned by Kien Huat or its affiliates for $9.74 in cash per share of common stock, and with each share of the Company's Series B preferred stock receiving the same consideration on an as-converted to common stock basis. Kien Huat is currently the holder of approximately 86% of Empire Resorts' outstanding shares of common stock, including common stock issuable upon conversion of the Company's Series F convertible preferred stock. The purchase price represents a premium of approximately 15% over the closing share price of Empire Resorts' common stock on August 16, 2019, the last trading day prior to today's announcement. The Board of Directors
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