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Shares in Australia's Crown tumble after Wynn walks from takeover talks

Shares in Australia's Crown tumble after Wynn walks from takeover talks
FILE PHOTO: An exterior view Wynn hotel-casino in Las Vegas, Nevada, U.S., February 7, 2018. REUTERS/Steve Marcus   -   Copyright  Steve Marcus(Reuters)
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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)

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