Wynn terminates Crown acquisition talks
Las Vegas-based casino giant Wynn Resorts has abruptly terminated discussions with Crown Resorts less than a day after announcing that it was looking to acquire the Australian gaming operator.
Wynn said the preliminary discussions over a possible AUD$10bn (£5.5bn/€6.3bn/$7.1bn) deal had been disclosed prematurely, with talks now cancelled.
With discussions at such an early stage the exact structure of the transaction had not been agreed, though Wynn was proposing an offer comprising 50% cash and 50% Wynn ordinary shares.
The deal would have seen Wynn take charge of Crown properties such as its casino resorts in Sydney, Melbourne and Perth. It could also have assumed ownership of the operator’s 50% stakes in Crown London Aspinalls and Betfair Australasia, Australia’s only betting exchange.
Shares in Crown Resorts closed down 9.11% at AUD$12.77 per share following the news, with shares in Wynn Resorts down 3.86% at US$139.26 per share at close in New York.