with the Australian Securities Exchange on Tuesday, said Wynn had approached the company with a proposed takeover for $10 billion AUS at 14.75 Australian dollars per share.
Before doing an about-face, Wynn Resorts confirmed the preliminary takeover talks with itswith the U.S. Securities & Exchange Commission but stressed that the transaction was not definite.
The news of the pending deal sent Crown Resorts shares soaring. They closed up nearly 20%, boosting the company’s valuation to $9.5 billion, up from $7.9 billion on Monday. Australia’s markets were closed by the time Wynn announced it was ending deal discussions. Wynn’s shares have dropped nearly 3% so far today.
The proposed deal was seen as a potential hedge against Wynn’s operations in Macau, where its licenses are up for review this year and where the company madeBut now the deal is off, and Wynn will not pursue a takeover of Crown, which has a casinos in London, Melbourne and Perth, with and a fourth being built in Sydney., Crown Resorts’ largest shareholder, is Australia’s ninth-richest person, with a $4 billion fortune.
Wynn Resorts has a few balls in the air right now. It’s been just over a year since billionaire cofounder Steve Wynn resigned amid multiple sexual misconduct allegations were revealed by t
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