Billionaire Ronald Perelman, chairman and largest shareholder of Scientific Game Corporation, is exploring a sale of his entire 39 percent stake in the company, according to a document filed with the U.S. Securities and Exchange Commission.
Perelman’s private company, MacAndrews & Forbes Holding Co., filed a Form 13F with the CE that stated Perelman is exploring a sale of his 36.8 million shares in Scientific Games. The filing stated the executive has “not formulated an specific or definitive plan or proposal regarding the sale, and that there is “no assurance that such a sale will take place.
MacAndrews & Forbes issued a statement via Bloomberg in which spokesman Josh Vlasto suggested Perelman is looking to rework his investment portfolio amid the ongoing COVID-19 pandemic.
“Due to changes in the world both socially and economically, we have decided to reset MacAndrews & Forbes in a manner that will give us maximum flexibility both financially and personally,” Vlasto said in the statement. “This will allow us to be opportunistic and flexible in looking at new situations.”
In an exclusive report on the development, CDC Gaming Reports cited a research note from SunTrust Robinson that doubts Perelman is in a hurry to sell his interest in the gaming supplier.
“In our view, MacAndrews appears to not be a forced seller on a tight timeline here and would likely look to maximize proceeds should they exit,” SunTrust Robinson analyst Barry Jonas said.
Scientific Games has taken as big a hit as any supplier amid the Covid-19 pandemic, laying off an undisclosed number of employees in March.
