Huntley Mitchell 23 Jul 2021
The Star Entertainment Group has withdrawn its proposal to merge with Crown Resorts, citing “issues” raised at Victoria’s Royal Commission into Crown Melbourne as a major factor.
When the offer was
initially tabled by The Star in May, chairman John O’Neill claimed that bringing together the two rivals would create an estimated $12 billion ASX-listed national tourism and entertainment giant.
The Star also estimated that a merger with Crown would result in cost synergies of between $150 million and $200 million per annum.
However, The Star’s tune has changed dramatically since then, so much so that the company has now decided to pull its proposal.
Star withdraws Crown Resorts merger bid amid Victoria concerns | M&A
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Lawyers for Victorian Royal Commission recommend Crown Resorts be found unsuitable to run Melbourne casino
Crown Resorts is unsuitable to hold its Melbourne casino licence and its executive chairman Helen Coonan should step down, counsel assisting the Victorian Royal Commission into Crown has declared.
Edward BoydBusiness Reporter
July 20, 2021 - 12:45PM
Counsel assisting the Victorian Royal Commission into Crown has declared Crown Resorts is unsuitable to hold its Melbourne casino licence and its executive chairman Helen Coonan should step down.
Adrian Finanzio also told the Royal Commission that Crown’s corporate reform strategy was inadequate, and recommended its Melbourne casino licence be cancelled.