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Boyd Gaming Corporation Might Be Next Takeover Target of Equity Investors
Leading casino operator, Boyd Gaming Corporation, might be the latest target of equity-led takeover bids by Apollo Management and the Texas Pacific Group following their failed acquisition of gambling industry giant Harrah's Entertainment Inc. in a $15.5 billion offer in October.
Lawrence Haverty, of Gabelli Global Multimedia Trust, said Boyd could be an attractive target due to the value and position of their land holdings in Las Vegas.
Haverty's remarks came after a similar report was issued last month by Rueters. He believes that the private-market share value for Boyd Gaming is around $70 per share.
When Boyd's shares closed on Wednesday, they were up almost 2% at $42.97. The 52-week history of the company's shares has seen the trading vary from $33.10 to $54.72.
Boyd is considered a prime target for takeover because of the property it owns on the Las Vegas strip. They currently hold 63 acres on the Strip and will acquire an additional 24 acres in early 2007, following a land swap with Harrah's Entertainment Inc. Boyd also has 17 facilities throughout Nevada, Indiana, Illinois, Louisiana, Mississippi and New Jersey, which it either owns or operates.
Sunday, December 03 , 2006
Edward O'Connor