Miriam Adelso to sell Las Vegas Sands shares to buy professional sports team

Miriam Adelson, the biggest shareholder in Las Vegas Sands Corp., is selling $2 billion worth of shares, claiming she would use the money to buy a controlling ownership in a professional sports franchise.

The Miriam Adelson Trust plans to sell a 4.6% stake in Las Vegas Sands. Parallel to this, a 0.5% dilution has resulted in Miriam Adelson owning 51.3% less of the casino company directly. According to media rumors, the Adelson family will soon take over ownership of the NBA franchise owned by billionaire Mark Cuban, the Dallas Mavericks.

A total of about 46.3 million shares are being sold at a public price of $44.00 each. The company’s shares were trading on the New York Stock Exchange on Tuesday at $47.66. It is crucial to clarify that the selling investors will get the whole profits from the sale of these shares, not Las Vegas Sands.

It has been disclosed that Las Vegas Sands plans to buy up to $250 million of the common stock that is being sold in this offering at the same price per share that the selling shareholders are receiving from the underwriters. During the company’s mid-October third-quarter results call, the commencement of a $2 billion stock buyback program was announced.

The offering is slated to conclude on December 1st, and the joint book-running managers are Goldman Sachs & Co LLC and BofA Securities. Lockup arrangements will be in place, preventing selling shareholders and linked trusts from participating in specific transactions involving shares of the company’s common stock for a year after the offering’s price date.

Original story by: GGRAsia