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


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

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

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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