Luxembourg-listed Genting International, an indirect subsidiary of Genting Berhad, has announced an agreement with the Board of Stanley Leisure to acquire all its issued shares. The takeover value is £639 million (US$1.19 billion), at an agreed price of 860p (US$16.05) per share. The stated Genting rationale for the offer is that it ‘regards the UK gaming market, with its comprehensive and sound regulatory environment and international reputation, as an attractive investment location.’

Genting International is a leading integrated resorts specialist with over 20 years of international gaming expertise and global experience in developing, operating and/or marketing internationally acclaimed casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

In addition to its existing interest in Stanley, Genting International owns 29.8 per cent. of London Clubs International plc and is the owner and operator of Maxims Casino Club in London. It also has a joint venture with Stanley to bid for the regional casino under the new UK regime. Genting International says it has developed an excellent relationship with Stanley and its senior management over the last two years and has concluded that this is the right time to expand its UK interests. (E-09.11.06)

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