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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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BusinessAustralia s Star eyes Crown in $7 bln play, vies with private equity
Byron Kaye
5 minute read
Australian casino operator Star Entertainment Group (SGR.AX) on Monday proposed an all-stock buyout of larger rival Crown Resorts Ltd (CWN.AX) 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 licence 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 .
The move presents Crown shareholders with a third option after buyout giant Blackstone Group (BX.N) earlier upped its all-cash indicative bid to A$8.4 billion, while Oaktree Capital Group (OAK pa.N) has proposed to bankroll a A$3 billion buyback of Crown s founder s stake, removing a regulatory concern. read more
UPDATE 3-Australia s Star makes $7 bln play for Crown, taking on private equity giants reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Article content
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), vying with 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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Try refreshing your browser, or Australia s Star eyes Crown in $7 bln play, takes on private equity giants Back to video