Less than 24 hours after confirming it was in talks to acquire Australia’s Crown Resorts, New York-listed Wynn Resorts has terminated all discussions relating to the deal.
In response to media reports over the weekend in Australia, Crown Resorts had revealed Tuesday that it was in confidential discussions with Wynn regarding a potential change of control transaction.
According to the Australian casino operator, Wynn had proposed a AUD$10bn cash and stock offer, valuing Crown Resorts at $14.75 per share.
Less than 24 hours later however, the company announced it had terminated all discussions with Crown Resorts concerning any transaction following the “premature disclosure of preliminary discussions”.
Having soared by nearly 20 per cent in trading Tuesday, shares in Crown Resorts Ltd (ASX:CWN) fell by 9.11 per cent to AUD$12.77 per share in Sydney Wednesday. Shares in Wynn Resorts Ltd (NSQ:WYNN) closed down 3.86 per cent at US$139.26 in New York Tuesday.