Echo Entertainment shareholder Perpetual Investment Management has been given the go-ahead to increase its voting power in the company to a possible 15 per cent.
The fund manager received the approval of the New South Wales Independent Liquor and Gaming Authority to increase its potential maximum voting power from 10 per cent to 15 per cent.
“In relation to Perpetual Investment Management, this approval overrides the shareholder restriction in Echo’s constitution that a person’s voting power must not exceed 10 per cent without the written consent of the New South Wales Independent Liquor and Gaming Authority and the Queensland Minister,” Echo said.
Both Crown and Genting, each of which have a stake of around 10 per cent in Echo, have also applied to increase their voting power. This continues to fuel speculation that a bidding war will now take place over the casino operator, which has been the subject of takeover rumours for some time.
