Breaking: James Packer's Crown says it is in takeover talks with Wynn Resorts | NickToscano1
Australia's largest casino operator, the James Packer-backed Crown Resorts, is in confidential discussions regarding a potential takeover by the Las Vegas-based casino giant Wynn Resorts.
The $8 billion Crown Resorts - which owns casinos in Melbourne, Perth and London and is soon to open a new high-end casino in Sydney’s harbourside Barangaroo - is considering a cash-and-scrip offer with an implied value of $14.85 a share, it has been revealed."The proposal is subject to a number of conditions including due diligence, Wynn obtaining all the necessary regulatory approvals and a recommendation by the Crown board," the company said in a statement on Tuesday.
Goldman Sachs and UBS are acting as financial advisers to Crown, and Ashurst is acting as legal adviser. Shares in the ASX-listed Crown Resorts, of which billionaire Mr Packer owns 46 per cent, have tumbled nearly 20 per cent since mid-2018. They closed at $11.74 on Monday.due to China's slowing economic growth and simmering trade tensions with the United States.
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