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Star Entertainment proposes billion-dollar merger with Crown Resorts
Bidders are circling around troubled Crown Resorts.
The Star Entertainment Group has submitted a non-binding, proposal to merge with Crown Resorts, which would lead to a combined business worth about US$9.4 billion.
It would mean ownership of 59% for Crown shareholders and 41% for Star shareholders with the board made up of directors from both companies.
"A merger of The Star and Crown would result in significant scale and diversification, and unlock an estimated A$2 billion in net value from synergies," said the Star’s chairman John O’Neill.
"The combined group would be a compelling investment proposition and one of the largest and most attractive integrated resort operators in the Asia Pacific region."
Crown said it is now considering the offer.
"It will now commence a process to assess the merger proposal, having regard to the value and terms of the proposal and other considerations," it said in a statement.
Crown has already received a conditional proposal from the Blackstone Group.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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