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SkyCity suitors list dwindles to one27 November 2007NEW ZEALAND -- As reported by the Timaru Herald: "SkyCity Entertainment Group's list of suitors has halved to one, and tough international credit markets may mean the remaining group struggles to secure bank loans to fund a takeover. "The deadline the casino operator set two suitors for takeover bids passed yesterday. It is understood private equity group CVC Asia Pacific, one of the two conducting due diligence on SkyCity, has withdrawn. "CVC, which has a media joint venture with Australia's Publishing & Broadcasting, is believed to have wanted to recruit gambling expertise from PBL to run SkyCity. The failure to do so was one reason curtailing the group's interest. "...The second bidder, US private equity funds TPG and Apollo Management, remains in the hunt but is understood to be finding raising loans challenging..." |