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(Reuters) – Wynn Resorts Ltd, the world’s No. 2 casino operator, said on Tuesday it scrapped preliminary talks to acquire Crown Resorts Ltd for A$10 billion ($7.1 billion), after the Australian Financial Review broke news of the negotiations finchley cufflinks. Wynn’s backtracking illustrates how media leaks of deal talks can test the resolve of potential acquirer. Crown shares jumped as much as 22 percent on the news to A$14.37, close to the $A14.75 per share level that Crown said Wynn’s latest cash-and-stock offer valued the company..
This can make deal negotiations more difficult by emboldening acquisition targets to drive a hard bargain, analysts said. In this case, Wynn’s inexperience with pursuing big deals also likely played a factor, some analysts added. “(Wynn) management’s experience with acquisitions is limited, so when you target synergies it’ll be nice to have more of a track record for such a large transaction,” said Roth Capital Partners analyst David Bain, calling the termination of the deal talks a positive development for Wynn finchley cufflinks.
After the Australian Financial Review revealed Wynn’s takeover approach, Crown not only confirmed the confidential talks on Tuesday, but also disclosed the price that Wynn was offering finchley cufflinks. It added that Crown’s board had not yet considered Wynn’s latest offer. Wynn then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended. “Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,” the company said in a statement..
Wynn’s shares were down 3.2 percent at $140.21 in New York at mid-afternoon. Examples of companies confirming acquisition talks only to back out hours later are few and far between, because they reflect a lack of conviction on the part of the aspiring acquirer finchley cufflinks. Last year, drug maker Allergan Plc confirmed it was in the early stages of making an offer for peer Shire Plc, after Reuters broke news of the deliberations, only to issue a second statement a few hours later stating it would not make an offer..
Insurer Aon Plc said last month it would not pursue a merger with rival insurance brokerage Willis Towers Watson Plc, a day after it confirmed it was in early stages of considering an all-stock offer for the Irish company following a Bloomberg News report revealing the deliberations. Wynn was founded in 2002 by Steve Wynn, who started his casino business in Las Vegas in the 1960s and created some of the city’s most iconic landmarks – the Mirage, Bellagio and Treasure Island – before selling them finchley cufflinks. Beset by sexual misconduct allegations, Wynn left the company and sold his entire 11.8 percent stake in Wynn Resorts for $2.1 billion last month..