Ronald Perelman To Sell His Stake In SG Corp
Big news this week is that Scientific Games chairman Ronald Perelman wants to sell his 39% stake in the company. The American billionaire and investor recently filed a sale interest (notice of intention to sell) with the US Securities and Exchange Commission, indicating his intention to sell of his shares in the Lottery systems and online casino games supplier.
According to the information filed with the US federal government agency by MacAndrews & Forbes, Perelman owns around 36 million shares in Scientific Games, which in total are currently valued at around one and a half billion dollars (US).
The filing on behalf of Perelman does however create the option for the billionaire to withdraw his intention to sell at any point leading up to the actual signing off on a sale-transaction.
The Story Behind The Story
As for why Perelman has decided to sell of his SG shares, MacAndrews & Forbes spokesperson Josh Vlasto has revealed that the decision was made following certain social and economic global changes having taken place recently. The decision to in effect reset holding company MacAndrews & Forbes will according to Vlasto afford to the company better flexibility from a financial as well as personal (preferential) point of view.
Perelman, now 77, who incidentally ranks #211 on Forbes’ list of Billionaires of 2020, appears to be in the process of realigning his entire empire. The businessman two years ago forked out millions of dollars to increase his ownership stake in Scientific Games. Whether or not the decline in stock-value brought about by the global health crisis has had anything to do with Perelman’s decision to part ways with his shares in SG wasn’t addressed by MacAndrews & Forbes at the time of Josh Vlasto’s commentary.
About Ronald Perelman
Ronald O. Perelman is a self-made billionaire who built his fortune from the bottom up. A long-time major shareholder in cosmetics colossus Revlon (his daughter was appointed CEO of Revlon in 2018), Perelman learned all about business from his own father. He famously tells of how he had attended board meetings alongside his father ever since he was old enough to attend elementary school.
By the 1980s, Perelman had become a corporate giant in his own right and is to this day considered one of the fiercest hostile corporate raiders of that era. His personal interests away from business include a passion for collecting fine art. He is a prolific collector with thousands of rare works in his portfolio. He holds a Bachelor of Arts from the University of Pennsylvania, and an MBA from the university’s Wharton School of Business.