Australia's Crown shares tumble after Wynn walks from takeover talks

  • Business
  • Wednesday, 10 Apr 2019

Australia's Crown Resorts said Monday that China had released all of the casino group's employees who were detained as part of a gambling crackdown last year. - AFP/file

SYDNEY: Shares in Australian casino operator Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd abruptly ended takeover talks overnight.

Wynn, the world's second-largest casino operator, had proposed a buyout valuing Crown at A$10 billion ($7.1 billion), Crown disclosed on Tuesday, but it walked away from the deal after details of the offer became public.

Crown shares fell 10 percent to A$12.50 at the open of trade while the broader market opened 0.1 percent lower. - Reuters
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