Original article by Sarah-Jane Tasker
The Australian – Page: 1 & 6 : 11-Apr-19
Shares in Crown Resorts fell 9.1 per cent to $12.77 on 10 April, after US-based Wynn Resorts withdrew from takeover talks. However, observers believe that Crown is open to other offers and that another bid from Wynn cannot be ruled out. Crown’s largest shareholder James Packer is said to be keen to exit the casinos business, with an industry observer suggesting that he would be a "willing seller" at around the price that had been proposed by Wynn.
CROWN RESEARCH INSTITUTES, WYNN RESORTS LIMITED, WHITE FUNDS MANAGEMENT PTY LTD
Original article by Sarah-Jane Tasker, John Ferguson
The Australian – Page: 1 & 6 : 10-Apr-19
US-based Wynn Resorts has advised that it will not proceed with a potential takeover bid for Australian-listed Crown Resorts. The two groups are believed to have been holding confidential talks for several months, and Crown informed the ASX of the negotiations on 9 April. Wynn Resorts has cited the "premature disclosure" of these discussions for its decision to cease all negotiations with Crown. Businessman James Packer, who has a 46.1 per cent stake in Crown, would have emerged with a 10 per cent stake in Wynn Resorts if the deal had proceeded.
CROWN RESORTS LIMITED – ASX CWN, WYNN RESORTS LIMITED