Star launches Crown casino merger bid, in attempt to create $12 billion gambling giant – ABC News

Casino operator The Star Entertainment Group has submitted a merger proposal to main rival Crown Resorts.
Key points:

• The Star has submitted a merger proposal offering 2.68 of its shares for every Crown share
• Blackstone has raised its cash bid for Crown from $11.85 to $12.35 a share
• Crown has appointed current Lendlease boss Steve McCann as its new managing director

The non-binding proposal offers 2.68 The Star shares per Crown share, which The Star says values Crown shares above $14.
Crown shareholders…

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