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Crown Resorts Limited bid for The Star Entertainment Group Limited


May 10, 2021
In Australia and The Star Entertainment Group Limited has reportedly floated a non-binding proposal that could see it merge with rival casino operator Crown Resorts Limited to create an entity that would run seven properties across four states.
According to a report from GGRAsia, the consolidation bid from the Brisbane-headquartered operator values individual shares in Crown Resorts Limited at about $11 and proposes offering backers in its biggest competitor 2.68 of its own interests for every stake it receives. The source detailed that the proposition is also providing such shareholders with the alternative of receiving slightly over $9.84 in cash for up to 25% of their investments. ....

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Crown Resorts Limited relief for James Packer


April 16, 2021
Following months of negotiations and billionaire businessman James Packer (pictured) has reportedly agreed a deal that will allow him to retain his around 37% stake in beleaguered Australian casino operator Crown Resorts Limited.
According to a Thursday report from The Sydney Morning Herald newspaper, the arrangement worked out with the New South Wales Independent Liquor and Gaming Authority is set to permit the 53-year-old’s Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle to remain as the largest individual shareholder in Crown Resorts Limited. The source explained that this comes despite accusations uncovered via a recent investigation that Packer had potentially been exercising undue influence over the day-to-day operations of the firm behind the gambling-friendly Crown Melbourne and Crown Perth properties. ....

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