SYDNEY (Reuters) – Shares in Australian casino operator Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd abruptly ended takeover talks overnight.
Wynn, the world’s second-largest casino operator, had proposed a buyout valuing Crown at A$10 billion (£5.5 billion), Crown disclosed on Tuesday, but it walked away from the deal after details of the offer became public.
Crown shares fell 10 percent to A$12.50 at the open of trade while the broader market opened 0.1 percent lower.
(Reporting by Tom Westbrook and Paulina Duran; Editing by Michael Perry)