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 ___________________________________________________________ [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 See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
