Wynn Resorts (WYNN) Jumps Higher After Smacking-Down Okada
Tweet
Share
E-mailGet Alerts WYNN Hot Sheet
Join SI Premium – FREE
Shares of Wynn Resorts (Nasdaq: WYNN) are jumping higher early Tuesday after putting the smack-down on disgruntled principal shareholder and director, Kazuo Okada.
The board found that the Okada-controlled entity is "unsutible" after investigations dcumented more than three dozen instances over a three-year period in which Mr. Okada and his associates engaged in improper activities for their own benefit.
The Board has requested that Mr. Okada resign as a Director and has redeemed Aruze USA, Inc.’s 24 million Wynn Resorts' shares at a discount. Pursuant to the Articles, the Company has issued a 10-year $1.9 billion promissory note in redemption of the shares. The note matures on February 18, 2022 and bears interest at the rate of 2% per annum.
Shares of WYNN last traded at $119.35, up nearly 6% from Friday's close.
The board found that the Okada-controlled entity is "unsutible" after investigations dcumented more than three dozen instances over a three-year period in which Mr. Okada and his associates engaged in improper activities for their own benefit.
The Board has requested that Mr. Okada resign as a Director and has redeemed Aruze USA, Inc.’s 24 million Wynn Resorts' shares at a discount. Pursuant to the Articles, the Company has issued a 10-year $1.9 billion promissory note in redemption of the shares. The note matures on February 18, 2022 and bears interest at the rate of 2% per annum.
Shares of WYNN last traded at $119.35, up nearly 6% from Friday's close.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nscale targets up to $3B in US IPO as soon as September - Bloomberg
- Buyout firm Vista explores $3B sale of private markets data provider Allvue - Reuters
- CoVolt Power files for proposed IPO
Create E-mail Alert Related Categories
Corporate News, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
