On the heels of sending an open letter to the Golden Entertainment's (GDEN; disclosure: long) board, host Andrew Walker dives deeper into Golden's take private deal and why he believes it transfers ~$300m of value from minority shareholders to insiders.
Open letter to GDEN board: https://www.yetanothervalueblog.com/p/an-open-letter-to-the-golden-entertainment
___________________________________________________________
[00:00:02] Intro to special episode
[00:03:26] Comparison to Louvre heist
[00:04:20] Smoking guns and IR site change
[00:07:35] Sale leaseback structure details
[00:09:15] Valuation analysis and critique
[00:13:30] Everbay letter and valuation math
[00:16:45] Management buyout vs. fair value
[00:19:00] Critique of go-shop process
[00:21:10] Regulatory hurdles for go-shop
[00:23:40] Call for fair deal structure
[00:24:50] Closing thoughts and disclaimer
Links:
Yet Another Value Blog - https://www.yetanothervalueblog.com
See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
