Wynn Resorts Terminates Preliminary Buyout Talks With Crown Resorts

(RTTNews) - Wynn Resorts (WYNN) said that it has terminated all discussions with Australia's Crown Resorts Ltd (CWN.AX) concerning any transaction.

Wynn Resorts said, "Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction."

Earlier, Crown Resorts Ltd (CWN.AX) confirmed that it was in confidential discussions with Wynn Resorts Ltd regarding a potential change of control transaction following approaches to Crown Resorts by Wynn Resorts. The proposal contemplates an acquisition of Crown by Wynn via scheme of arrangement for a combination of cash and Wynn shares.

Crown Resorts had said that Wynn Resorts's proposal contemplated acquisition consideration (50% cash and 50% Wynn shares) with an implied value of A$14.75 per share with the exchange ratio being fixed, using a volume weighted average price for Wynn shares, immediately prior to the announcement of an agreed transaction. At the date of the proposal, the volume weighted average price of Wynn shares implied an exchange ratio of 0.042 Wynn shares per Crown share.