Star’s stack looks too short to win Crown deal, says jgfarb:
Australian casino operator Crown Resorts said on May 17 it had asked The Star Entertainment for more information about its unsolicited merger proposal and its board concluded that a separate takeover bid from private equity firm Blackstone undervalued the company and presented “an unacceptable level of regulatory uncertainty.”
Star on May 10 proposed to combine Crown in a nil-premium deal that valued its larger rival at about A$7.1 billion based on the closing prices of both companies on the previous trading day. The offer includes an optional component to buy up to 25% of Crown shares for A$12.50 each in cash. Blackstone on May 10 sweetened its earlier all-cash offer to buy Crown by about 4%, to A$12.35 a share.A tourist poses for pictures at the main sign of The Star Casino at Pyrmont Bay in Sydney, Australia, July 4, 2013.
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