The competition regulator will hold a a public review of a proposal to merge Australia’s two biggest casino groups after the Star Entertainment group announced a bid for its rival Crown Resorts, controlled byJames Packer. Star’s offer involves Crown investors being granted 2.68 Star shares. But the Star offer will pose a dilemma for the billionaire – and it is not just about price. The Star offer has now sparked a serious bidding war for the casino group, which could yet see other players emerge. The indicative offer price will be reduced by the value of any dividends or distributions declared or paid by Crown.

Source: The Guardian May 10, 2021 01:09 UTC