Star Entertainment lobs Crown Resorts merger bid, gives James Packer exit option to rival Blackstone offer – NEWS.com.au

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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