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Wembley Bidding Heats Up

UNITED KINGDOM – As reported by the UK Guardian: "Shareholders in Wembley, the gaming and dog tracks company, have been offered an extra £7.6m (US$13.48 million) in an increased bid from a group of investors including the South African gambling tycoon Sol Kerzner.

"The 860p a share offer from Mr Kerzner's BLB Investors consortium values Wembley at £309m - £7.6m more than a rival bid from MGM Mirage, the US hotels and gambling firm which owns casinos in Las Vegas, and £21.3m more than its initial offer.

"BLB has made its new bid more like that of its rival and is offering shareholders an extra £4.4m if Wembley is acquitted of bribery charges in the US.

"The Wembley directors have switched their allegiance and are now recommending that shareholders accept the BLB offer, providing a higher one does not materialise.

"…BLB is a consortium that is half owned by US property investment company Starwood Capital, with the rest jointly owned by US leisure firm Waterford and Bahamas-based Kerzner International, chaired by Mr Kerzner and his son Butch…"

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