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The Star Entertainment Group has withdrawn its proposal to merge with Crown Resorts, citing “issues” raised at Victoria’s Royal Commission into Crown Melbourne as a major factor.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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The Star Drops Effort to Merge with Casino Rival Crown
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