Steve Wynn cut his stake in the $18 billion casino company he founded after settling an acrimonious, six-year court fight with his ex-wife, a move that may move the company closer to becoming an acquisition target.
Wynn, 76, sold 4.1 million shares in Wynn Resorts Ltd. at $180 a share, according to a regulatory filing Thursday. The sale brings his stake down to 7.8 percent from 12 percent, lower than his ex-wife’s holding in the company.
The sale, along with the unwinding of a shareholder agreement that prevented Elaine Wynn from lowering her 9.3 percent stake, increases the possibility of a takeover of Las Vegas-based Wynn Resorts. The couple’s court battle also raised concerns about the company’s handling of harassment claims against Wynn that casino regulators are still investigating and could lead to him being found unfit to be the largest shareholder in a casino company.
Wynn Resorts fell 2.1 percent to $175.15 at 10:16 a.m. in New York, having gained 6.1 percent this year through Wednesday.
Wynn Cuts Stake
Steve Wynn's stake in the casino company he founded is a third of what it once was
Source: Bloomberg
Elaine Wynn said this week that she may seek talks with company management over strategy, business, management, capital structure and allocation, corporate governance board composition and other matters.
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