{"id":346393,"date":"2025-08-04T23:03:48","date_gmt":"2025-08-05T04:03:48","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/04\/vgw-shareholders-approve-escalantes-takeover-bid\/"},"modified":"2025-08-04T23:03:48","modified_gmt":"2025-08-05T04:03:48","slug":"vgw-shareholders-approve-escalantes-takeover-bid","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/04\/vgw-shareholders-approve-escalantes-takeover-bid\/","title":{"rendered":"VGW shareholders approve Escalante\u2019s takeover bid"},"content":{"rendered":"

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\"VGW<\/div>\n

VGW shareholders have approved a deal for founder Laurence Escalante to acquire full ownership of the sweepstakes casino company.<\/span><\/p>\n

Escalante was effectively bidding for the remaining 30% share in VGW that he did not own, with the AUD 632 million ($409 million) buyout proposed through his special purpose vehicle, Ocean BidCo Limited.<\/span><\/p>\n

At $3.32 per share, the offer<\/a> was said to be “fair and reasonable” by Kroll Australia, which valued VGW at up to $3.70 per share.\u00a0<\/span><\/p>\n

Ultimately, the proposal was accepted after 85% of VGW shareholders voted in to approve the minority stake sale.<\/span><\/p>\n

It represents greater value for shareholders compared to the previous attempt from Ocean BidCo at $2.26 to $2.58 per share, which was declined by the board committee set up to oversee the sale process.<\/span><\/p>\n

There will be further returns as part of the transaction, as Ocean BidCo will borrow up to $586 million from VGW to fund the transaction for the other 30% of the gambling operator.<\/span><\/p>\n

Agreement subject to Federal Court approval<\/span><\/h2>\n

VGW Independent Board Committee Chairman<\/span> Mike Symons said on completion of the vote:\u00a0<\/span><\/p>\n

\u201cI would like to thank all of VGW\u2019s shareholders for their participation in the shareholder meetings today and their support of VGW.\u201d<\/span><\/p>\n

Despite full agreement, the transaction is subject to further approval from the Federal Court of Australia, with a hearing to take place on Tuesday, August 5.<\/span><\/p>\n

If approved, the rest will become a formality with further legal correspondence to follow.<\/span><\/p>\n

VGW is said to have recorded $4 billion in revenue for the 12 months up to June 30, 2024, with the results delivering a 27% increase year-on-year.\u00a0<\/span><\/p>\n

The company recently confirmed that its Chumba Casino<\/a> and Luckyland Casino platforms will no longer be available to players in New Jersey, due to the incoming ban on sweepstakes casinos<\/a> in the state.<\/p>\n

Image credit: VGW<\/em><\/p>\n

The post VGW shareholders approve Escalante’s takeover bid<\/a> appeared first on ReadWrite<\/a>.<\/p>\n

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[ad_1] VGW shareholders have approved a deal for founder Laurence Escalante to acquire full ownership of the sweepstakes casino company. Escalante was effectively bidding for<\/p>\n","protected":false},"author":1,"featured_media":346394,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[152],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/346393"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=346393"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/346393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/346394"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=346393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=346393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=346393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}