Wynn Resorts proposes Crown takeover deal
Written on the 9 April 2019 by Business News Australia
Crown Resorts (ASX: CWN) has confirmed it is in discussions with Wynn Resorts regarding a potential takeover of Crown.
The proposal from Las Vegas-based Wynn is worth around $10 billion, and would involve a 50-50 cash-scrip deal with an implied value of $14.75 per share.
The proposal is subject to due diligence and could change still considering the information publicised today by Crown was released in the wake of media speculation about the takeover.
The Crown Board has not yet considered the most recent proposal from Wynn.
"The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached between the parties in relation to the structure, value or terms of a transaction," says Crown.
"There is no certainty that these discussions will result in a transaction."
The takeover speculation comes over a year after James Packer stepped down as a director of the resort empire, citing mental health issues as the reason for his departure.
Shares in Crown are up 20.44 per cent to $14.14 per share at 11.10am AEST.
Business News Australia
Author: Business News Australia