Wynn Resorts Ends Talks With Crown Resorts After Premature Disclosure

By Colin Kellaher

Wynn Resorts Ltd. (WYNN) on Tuesday said it has walked away from talks on a potential deal with Crown Resorts Ltd. (CWN.AU), citing the Australian company's premature disclosure of the discussions.

Crown said earlier Tuesday that the Las Vegas gaming giant made a takeover offer worth about 10 billion Australian dollars (US$7.1 billion), at A$14.75 a share.

Wynn later confirmed in a filing with the U.S. Securities and Exchange Commission that it was holding talks with Crown on a potential transaction, but it cautioned that no agreement has been reached on the structure, value or terms of a deal.

But less than four hours later, Wynn said there will be no deal.

"Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction," the company said in a one-sentence statement.

Crown shares surged 19.7% to close at A$14.05 in Australia on Tuesday.

Shares of Wynn slipped 3.9%, to $139.20, in early U.S. trading Tuesday.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

April 09, 2019 10:04 ET (14:04 GMT)

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