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Analysts Slam SkyCity's Takeover Bid

20 April 2004

NEW ZEALAND – As reported by the New Zealand Herald: "An analysts' report slams casino company SkyCity Entertainment's $14.3 million (US$9.06 million) takeover bid for cinema subsidiary SkyCity Leisure as unfair to minority shareholders.

"ABN Amro says the offer of 82c per share and $1.60 per mandatory convertible note is at a 16 per cent discount to the sharebroking firm's valuation of the company.

"…But the analysts, Anna Tonks and James Miller, say the offer is unlikely to succeed 'in its current form'.

"…A complication is that the prices of the notes and the shares - which logically should move in tandem - have been out of whack.

"Either the shares are over-priced or the notes have been under-priced.

"The analysts say the latter…"

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