Takeaways
- Las Vegas Sands said its largest shareholder, Miriam Adelson, and her family would sell $2 billion in stock so Adelson could buy a controlling stake in the Dallas Mavericks.
- NBA franchise owner Mark Cuban reportedly receives $3.5 billion and retains stake in team.
- Las Vegas Sands planned to repurchase $250 million in stock following the Adelson sale.
- Resort and casino operator shares dropped after the ;announcement.
Shares of Las Vegas Sands (LVS) fell after word that Miriam Adelson and her family, the casino operator's largest shareholder, would sell shares worth $2 billion so she could buy a majority stake in the Dallas Mavericks NBA team from billionaire Mark Cuban.
Las Vegas Sands indicated in a prospectus filed with the Securities and Exchange Commission (SEC) that the sale by the Adelsons would involve 41,186,161 shares based on an assumed public offering price of 48.56 $ per share, which was the last sale price reported on the New York Times. York Stock Exchange (NYSE) on Monday. The total shares represented approximately 10% of the Adelsons' stake in the company.
The company said it had been informed that the selling shareholders intended to use the money “to finance the purchase of a controlling interest in a franchise professional sportswoman. It was reported that Cuban would receive $3.5 billion and retain a stake in the team. He bought the club in 2000 for $285 million.
Las Vegas Sands added that , after Adelson's sale, it planned to repurchase $250 million worth of shares, or 5,148,270 shares, based on the same offering price.
Including that of ;today losses, Las Vegas Sands shares are down about 8% for 2023.
Source: investopedia.com