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A battle has broken out for Crown Resorts after Star Entertainment Group lobbed a highly conditional plan to create a $12 billion merged gambling giant and Blackstone upped its bid for the embattled group, which has appointed Steve McCann as chief executive officer.
The Star, which owns casinos in Sydney and Queensland, has lobbed a nil premium merger proposal with a string of conditions that would create a combined group valued at $12 billion. The new offer would see Crown shareholders receive Star shares and/or cash for their stock.
New Crown boss Steve McCann has been boss of Lendlease for years.
Huntley Mitchell 10 May 2021
The Star Entertainment Group Limited has submitted a conditional, non-binding, indicative proposal to merge with beleaguered rival Crown Resorts.
The proposal is for a nil-premium share exchange ratio of 2.68 Star shares per Crown share, and also includes a cash alternative of $12.50 per Crown share for up to 25 per cent of the company’s issued share capital, with any scale back to occur on a pro rata basis.
Assuming the cash alternative is fully taken up, the merger proposal would result in pro forma ownership of the merged entity of 59 per cent for Crown shareholders and 41 per cent for Star shareholders.
ASX hits new record high; BHP, Rio, Fortescue soar
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ASX could hit 7500 in coming weeks
William McInnes
The momentum in the Australian sharemarket is set to continue, with some investment experts tipping the S&P/ASX 200 Index could clear 7500 in the coming weeks, driven by the banks and iron ore miners.
The benchmark index closed at its highest level on record on Monday driven by a surge in the major iron ore miners amid soaring commodity prices.
âThe ASX/S&P 200 is set to surpass 7,200, likely hitting 7,500 in coming weeks, and could even go to 8,000, as iron ore hits record highs, taking BHP Billiton and Rio Tinto with it, and the CBA likely striking a record $100,â said Russel Chesler, head of investments and capital markets at VanEck Australia