Wynn Resorts ends merger speculation with Crown Resorts
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Wynn Resorts ends merger speculation with Crown Resorts
After Crown Resorts yesterday unveiled preliminary discussions were taking place with Wynn Resorts for a takeover of the company, Wynn has announced that all talks have been terminated.
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Photo by Scott Webb on UnsplashWynn Casino Las Vegas
Wynn resorts have relased the below statement in light of news yesterday speculating the potential merger with Crown Resorts:
"Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction."
In a statement released by Crown Resorts yesterday, Crown confirmed that they had paused trading on the ASX and were in confidential discussions with Wynn Resorts regarding a potential change of control transaction, following approaches by Wynn.
"The proposal contemplates an acquisition of Crown by Wynn via scheme of arrangement for a combination of cash and Wynn shares."
The deal is understood to be worth approximately A$10 billion. "The proposal currently contemplates acquisition consideration (50% cash and 50% Wynn shares) with an implied value of A$14.75 per share with the exchange ratio being fixed, using a volume weighted average price for Wynn shares, immediately prior to the announcement of an agreed transaction."
With the deal seemingly now dead in the water, Crown shares have been reported to jump as much as 22% from the announcement yesterday.
Click here to view the previous article regarding the potential merger.
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