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Star Entertainment lobs Crown Resorts merger bid, gives James Packer exit option to rival Blackstone offer – NEWS.com.au
Star Entertainment lobs Crown Resorts merger bid, gives James Packer exit option to rival Blackstone offer
James Packer now has plenty of ways to keep pulling back from Crown Resorts if he so chooses after a bidding war erupted for the casino giant.Star Entertainment Group threw the dice on a $12bn merger bid on Monday, offering a zero-premium share exchange ratio of 2.68 Star shares for each Crown share or alternatively, $12.50 cash per Crown share, capped at 25 per cent of Crown’s total shares on issue.
The non-binding, indicative proposal has various conditions including Star agreeing with Mr Packer’s…
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