Sports Entertainment jumps on offer for its Perth Wildcats basketball team

Sports Entertainment

30/05/2024 05:32

** Shares of Australian sports management and media content
firm Sports Entertainment Group  SEG.AX  rise as much as 25% to
A$0.250, their highest level since Jan. 11, 2023
    ** SEG marks its biggest intraday jump since Oct. 26 last
year
    ** Says received a non-binding indicative offer from a firm
associated with a cybersecurity entrepreneur, Mark Arena
    ** Offer from Arena's firm to buy SEG's 95%-owned basketball
team, Perth Wildcats
    ** Offer includes a staged acquisition of a 90% interest in
Perth Wildcats Basketball Pty over two years for A$40 mln
($26.43 mln) enterprise valuation
    ** Offer also includes a put and call option for the SEG's
remaining stake in the basketball team
    ** SEG shares down 4.8% this year as of last close

($1 = 1.5133 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))