Wynn Resorts has abruptly ended talks over its $10 billion takeover proposal for Crown Resorts, blaming the Australian casino operator for revealing the potential deal too early. 9News
Wynn Resorts has abruptly ended talks over its $10 billion takeover proposal for Crown Resorts, blaming the Australian casino operator for revealing the potential deal too early.
The Las Vegas gambling giant pulled the plug on talks less than 24 hours after Crown had made them public. The Wynn 50-50 cash-and-stock proposal had an implied value of $14.75 per share, representing a 25.6 per cent premium to the stock's $11.74 price before Crown revealed it.
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Las Vegas casino giant Wynn terminates negotiations with Crown | Sky News AustraliaLas Vegas casino giant Wynn Resorts has terminated negotiations with Crown Resorts after discussions were leaked.\n\nThe announcement came shortly after the company approached Crown Resorts with a $10 billion takeover offer.\n\nTalks with Wynn Resorts had been in the ‘preliminary’ stages, mid-way through construction of James Packer's pet project - the six-star luxury resort at Barangaroo in Sydney.\n\nWynn Resorts has released a statement saying: 'Following the premature disclosure of preliminary discussions, Wynn resorts has terminated all discussions with Crown Resorts concerning any transaction'.\n\n\n\n\n\n\n\n
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