Shining a light on Golden Entertainment's "wealth transfer" $GDEN
Description
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
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[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
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