Wynn Resorts Confirms in Preliminary Talks With Crown Resorts
April 09 2019 - 6:56AM
Dow Jones News
By Colin Kellaher
Wynn Resorts Ltd. (WYNN) on Tuesday confirmed it is holding
preliminary talks with Australia's Crown Resorts Ltd. (CWN.AU) on a
potential transaction, but it cautioned that no agreement has been
reached on the structure, value or terms of a deal.
Crown earlier Tuesday said the Las Vegas gaming giant made a
takeover offer worth about 10 billion Australian dollars (US$7.1
billion), with half in cash and half in stock.
Wynn's offer would value Crown at A$14.75 a share, a 25.6%
premium to Monday's closing price of A$11.74. Crown shares jumped
19.7% to A$14.05 on Tuesday.
In a filing with the U.S. Securities and Exchange Commission,
Wynn said there is no assurance that its talks with Crown will lead
to a deal, and said it won't comment further on a potential
transaction unless required by law.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 09, 2019 06:41 ET (10:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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