Shares in the James Packer-backed Crown Resorts have opened nearly 9 per cent lower after talks about a potential takeover by Las Vegas casino operator Wynn Resorts collapsed overnight.
Crown, Australia’s biggest casino operator, revealed on Tuesday it was in “confidential discussions” with Wynn about a takeover. Wynn had made Crown a cash-and-shares offer with an implied value of $14.85 a share.
But in a terse statement issued just hours after news of the takeover offer broke, Wynn Resorts said it was ending discussions with Crown.
“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,” the company said in a statement on Tuesday morning in the US.