Wynn Resorts won’t take over Crown

Wynn Resorts won’t take over Crown

The Australian company issued a statement to confirm a multibillion-euro offer, but Wynn announced there won’t be any deal.

The Australian operator has announced that Wynn Resorts proposed a multibillion-dollar takeover, but there will be no deal.

Australia.- Rumours about a potential take over from Wynn Resorts over Crown had been in the air for months. The Australian company issued a statement to confirm a multibillion-euro offer, but hours later Wynn announced there won’t be any deal.

Crown had revealed a €6.3 billion proposal, but Wynn released a statement shortly after to terminate it. “Following the premature disclosure of preliminary discussions, Wynn resorts has terminated all discussions with Crown Resorts concerning any transaction.”

The Australian operator had filed a statement with the Australian Securities Exchange on Tuesday to reveal the details. It said Wynn had approached the company with a proposed takeover for €6.3 billion at €9,3 per share. Wynn Resorts also confirmed the preliminary talks with the U.S. Securities & Exchange Commission but nothing definite.

Crown’s shares jumped nearly 20% after it announced the deal, while Wynn’s fell after it disclosed there wouldn’t be any.

Crown in 2018

Crown Resorts recently released its latest financial results, which indicate that revenue totaled €969.9 million for the full 2018, representing a 1.2% decline when compared to the previous year.

The company said that main floor revenue was up 0.9% to €547.9 million, and EBITDA was €258.1 million, a 0.5% rise. Australian operations in the first half of the year reflected mixed trading conditions and Melbourne posted a modest revenue increase, offset by continued soft performance in Perth.

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