Markets Live, Tuesday 14 July, 2020 – The Sydney Morning Herald

The $2.40 per share offer is lower than the initial $4 per share offer made in January and contains several caveats regarding theme parks and cinemas re-opening.
Queensland theme parks have recently re-opened and cinemas in NSW have re-opened, but those in Victoria have not.
Last week a substantial shareholder notice indicated David Mittleman, Aimia, Mittleman Brothers, and a company called Master Control has increased their holdings from around 7.5 per cent each to 8.5 per cent each.
On 22 May Mittleman Brothers, who point out they have stuck with the company through the aftermath of the Dreamworld accident – in which four people tragically died at Ardents Leisures theme park and led to declines at all theme parks – said it was “greatly concerned” that Village Roadshows board would consider BGHs $2.20 per share offer.
In our view, the offer is highly conditional, unusually complex, and blatantly opportunistic, the fund managers wrote, adding it was unfair to minority shareholders. At that point Mittleman became a 5 per cent shareholder and has been buying more stock ever since.
Collectively, the Mittleman team now owns 51.4 million shares, getting close to the Kirby familys Village Roadshow Corps holding of 65.9 million.

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