Las Vegas gambling giant Wynn Resorts last night walked away from its 10 billion takeover talks with the James Packer-backed Crown Resorts, blaming the premature disclosure of the deal by the Australian casino major.
Las Vegas gambling giant Wynn Resorts last night walked away from its $10 billion takeover talks with the James Packer-backed Crown Resorts, blaming the “premature disclosure” of the deal by the Australian casino major.
Crown said the deal had an implied value of $14.75 per share - a 26 per cent premium to Crown’s share price before the bid was announced. Shares in Crown closed 19.6 per cent higher at $14.05 on news of the deal. The discussions, which signal an exit from Crown, come more than 13 years after Mr Packer was given the keys to the family empire when his father Kerry died as Australia’s richest man, handing his son a $7 billion media and gaming fortune.
Crown shares jumped nearly 20 per cent yesterday to $14.05 — the highest in seven months — bringing the company’s total market capitalisation to $9.5bn. The proposed deal would have involved an implied value of $14.75 a share. Wynn Resorts is a substantially bigger operation than Crown, with a reported value of $US15.5bn . Its shares were listed on the Nasdaq at $US144.85 before US markets opened last night.
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