Grand Paradise Macau is controled by Pansy Ho
JP Morgan reiterates Overweight rating for MGM
Earlier this month MGM Resorts (MGM) announced that it had completed its acquisition of 188,100,000 shares of its subsidiary, MGM China Holdings Limited, from Grand Paradise Macau.
2016-09-07
Reading time 41 seg
Earlier this month MGM Resorts (MGM) announced that it had completed its acquisition of 188,100,000 shares of its subsidiary, MGM China Holdings Limited, from Grand Paradise Macau.
Grand Paradise Macau is controlled by Pansy Ho, who has been drawing down her investment in MGM.
The transaction means that MGM now owns about 56% of MGM China’s shares, up from 51% previously.
JP Morgan’s Joseph Greff reiterated a Overweight rating and $32 price target on the stock Tuesday following the deal:
““For the transaction, MGM issued 7,060,492 shares, paid consideration of $100 million to Ms. Ho, and has agreed to make a deferred cash payment of $50 million to GPM (or its nominee) over time in amounts equal to the ordinary dividends received on the shares
”
As a result, Greff added a penny to his full year earnings estimates, as he now sees MGM earning 59 cents a share.
MGM shares are up 9% so far in 2016. In the past year, the stock has risen nearly 21%.
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