Genting Pays $1B for Stanley Leisure

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LONDON-Malaysian gaming group Genting has plans to buy UK-based Stanley Leisure for euro 942 million only days after Harrah’s bought London Clubs International. A statement by Genting, which already owns 20% of Stanley, said it would buy the rest of the shares for £484 million, or 860 pence each. The price represents a 26% premium to Stanley’s closing stock price on Friday, a day before the bid was announced.

The takeover comes just days after Harrah’s broke up a proposed nil-premium merger between Stanley and London Clubs International by offering to buy LCI for £280 million. Genting, which owns 30% of LCI and has been eyeing a full merger, has said Harrah’s cash offer of 125p a share for LCI meant a merger was off. It has yet to say what it will do with this stake in LCI.