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

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[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