UPDATE 4-Australia s Star Entertainment pulls $6.6 bln bid for Crown Resorts Reuters 5 hrs ago Star cites uncertainty over Crown s Melbourne casino licence
Popular Searches Crown faces two inquiries that could affect Melbourne, Perth casinos (Adds shareholder comment, updates shares)
By Byron Kaye and Nikhil Nainan
July 23 (Reuters) - Australian casino operator Star Entertainment Group on Friday withdrew a A$9 billion ($6.6 billion) buyout proposal for rival Crown Resorts Ltd after an inquiry heard the target should lose its main licence, sending its shares lower.
Star, the country s No. 2 casino operator, said it may yet consider a tie-up with the troubled larger company, but was concerned about the impact of an inquiry on its value including whether it retains the licence to operate its Melbourne casino or the conditions under which its licence is retained.
Australia s Star Entertainment pulls $6.6 billion bid for Crown Resorts
By Byron Kaye and Nikhil Nainan
Reuters
(Reuters) -Australian casino operator Star Entertainment Group on Friday withdrew a A$9 billion ($6.6 billion) buyout proposal for rival Crown Resorts Ltd after an inquiry heard the target should lose its main licence, sending its shares lower.
Star, the country s No. 2 casino operator, said it may yet consider a tie-up with the troubled larger company, but was concerned about the impact of an inquiry on its value including whether it retains the licence to operate its Melbourne casino or the conditions under which its licence is retained.
Star Entertainment Yanks $6 6B Bid For Troubled Casino Peer law360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from law360.com Daily Mail and Mail on Sunday newspapers.
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SYDNEY Australian casino operator Star Entertainment Group on Monday proposed an all-stock buyout of larger rival Crown Resorts Ltd that it valued at A$9 billion ($7 billion), taking on two private equity giants for control of the troubled company.
Three months after Crown was declared unfit for a gambling license at its new Sydney resort tower, Star said the share-swap takeover approach would create “one of the largest and most attractive integrated resort operators in the Asia Pacific region.”
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