UPDATE 4-Australia s Star Entertainment pulls $6.6 bln bid for Crown Resorts Reuters 5 hrs ago Star cites uncertainty over Crown s Melbourne casino licence
Popular Searches Crown faces two inquiries that could affect Melbourne, Perth casinos (Adds shareholder comment, updates shares)
By Byron Kaye and Nikhil Nainan
July 23 (Reuters) - Australian casino operator Star Entertainment Group on Friday withdrew a A$9 billion ($6.6 billion) buyout proposal for rival Crown Resorts Ltd after an inquiry heard the target should lose its main licence, sending its shares lower.
Star, the country s No. 2 casino operator, said it may yet consider a tie-up with the troubled larger company, but was concerned about the impact of an inquiry on its value including whether it retains the licence to operate its Melbourne casino or the conditions under which its licence is retained.
Byron KayeNikhil Nainan
4 minute read
The logo of Australia s casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia, October 20, 2016. REUTERS/Aaron Bunch
Summary
Says it has had limited engagement with Crown so far
Crown faces two inquiries that could affect Melbourne, Perth casinos
July 23 (Reuters) - Australian casino operator Star Entertainment Group (SGR.AX) on Friday withdrew a A$9 billion ($6.6 billion) buyout proposal for rival Crown Resorts Ltd (CWN.AX) after an inquiry heard the target should lose its main licence, sending its shares lower.
Star, the country s No. 2 casino operator, said it may yet consider a tie-up with the troubled larger company, but was concerned about the impact of an inquiry on its value including whether it retains the licence to operate its Melbourne casino or the conditions under which its licence is retained.
Australia s Star Entertainment pulls $6.6 billion bid for Crown Resorts
By Byron Kaye and Nikhil Nainan
Reuters
(Reuters) -Australian casino operator Star Entertainment Group on Friday withdrew a A$9 billion ($6.6 billion) buyout proposal for rival Crown Resorts Ltd after an inquiry heard the target should lose its main licence, sending its shares lower.
Star, the country s No. 2 casino operator, said it may yet consider a tie-up with the troubled larger company, but was concerned about the impact of an inquiry on its value including whether it retains the licence to operate its Melbourne casino or the conditions under which its licence is retained.
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