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Crown Resorts shares have skyrocketed after the casino operator confirmed talks with Wynn Resorts about a $ 10 billion cash takeover proposal by the gaming giant. Money from Las Vegas.
The gaming company controlled by James Packer said Tuesday that although the board has not yet considered Wynn's proposal, its implied value was $ 14.75 per share.
This represents a premium of 25.6% over the price of $ 11.74 before the break before the announcement.
Stocks jumped 22% to $ 14.33 and rose more than 20% to 11:15.
"The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached between the parties regarding the structure, value or terms of a transaction," Crown Resorts said in a statement. at the ASX.
The proposal is 50-50 in cash and Wynn shares, any offer subject to the approval of the supervisory authorities.
Crown, majority-owned by Packer's Consolidated Press Holdings, is present in Melbourne, Perth and London and is developing a luxury hotel complex in Sydney's Barangaroo, which is expected to be completed in 2021.
The company experienced a turbulent three-year period during which it withdrew from its expansion projects in Las Vegas and Macau, while 19 staff members were arrested and jailed in 2017 for promoting silver games in China.
Packer left the board of directors in March 2018.
In February, the company reported a 26.7% decline in first-half profits of $ 174.9 million.
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