Wynn Resorts pulls out of Crown Resorts takeover talks
Wynn Resorts has ditched plans for a takeover of Australia-based gaming operator Crown Resorts.
It said talks were ended after a ‘premature disclosure’ found its way to the Australian media.
On Tuesday Crown Resorts confirmed talks were in progress after a report was published by the Australian Financial Review.
"Crown confirms that it is in confidential discussions with Wynn regarding a potential change of control transaction following approaches to Crown by Wynn," it said at the time.
"The proposal contemplates an acquisition of Crown by Wynn via scheme of arrangement for a combination of cash and Wynn shares."
The initial leak seems to have irked Wynn, which confirmed the discussions in a filing to the U.S. Securities and Exchange Commission, but then just hours later abruptly pulled the plug on any deal happening.
The proposed deal was valued at about $7 billio
Crown Resorts owns and operates two integrated casino resorts in Melbourne and Perth, as well as a casino in the UK.
Crown also operated an Asia joint venture with Melco for resorts in Macau and Manila but sold its interest two years ago.
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