For US$300mil, Razon settles row with former Solaire manager

The buyout will be consummated through a special block sale on the Philippine Stock Exchange, according to Bloomberry. — Philippine Daily Inquirer

MANILA: After a decade-long legal battle, Bloomberry Resorts Corp has ended its dispute with casino-management firm Global Gaming Philippines LLC (GGAM), a former management firm of Solaire Resorts and Casino, via a US$300mil settlement.

Under the agreement, the company of tycoon Enrique Razon Jr on Tuesday said Sureste Properties Inc (SPI) would purchase 921.18 million shares of parent firm Bloomberry at 18.32 pesos per share. This represents 8.1% of the total outstanding shares of Bloomberry held by GGAM.