Australia's Crown Resorts back to March levels after Star drops bid

Chineseworldnet.Com

23/07/2021 02:01

(Adds analyst comment)
    ** Crown Resorts  CWN.AX  shares slide as much as 4.4% after
Star Entertainment Group  SGR.AX  withdraws its takeover bid 
    ** Shares hit A$9.8 - their lowest since March 19, just
before Blackstone  BX.N  kicked off a flurry of takeover
approaches for CWN  urn:newsml:reuters.com:*:nL1N2LJ0JY
    ** SGR withdrew a A$9 bln ($6.64 bln) all-stock buyout
proposal of CWN over worries CWN may lose its licence to run its
Melbourne casino  urn:newsml:reuters.com:*:nL1N2OZ004
    ** An inquiry was told on Tuesday CWN should be stripped of
its gambling licence in Melbourne due to insufficient efforts to
reform its culture  urn:newsml:reuters.com:*:nL1N2OW0EH
    ** Shares of CWN last down 2%
    ** The withdrawal is unlikely to come as a surprise given
the risk the inquiry poses on CWN's Melbourne - Goldman Sachs
    ** Says synergy benefits as per the indicative proposal and
recent share price weakness also change the structure and
benefits of the initial deal
    ** The Melbourne casino generates about three quarters of
CWN's profit
    ** Submissions for the Victoria inquiry close on Aug. 3 
    ** Star shares up 0.6%; CWN up 6.4% this year by Thursday's
close    
($1 = 1.3548 Australian dollars)

 (Reporting by Harish Sridharan and Nikhil Kurian Nainan in
Bengaluru)
 ((harish.sridharan@thomsonreuters.com))