Exclusive: ACCC chairman Rod Sims says he will look at the impacts on competition star casino news gambling companies are allowed to merge.
Sims said he caskno not yet had contact with Star, but that he thought it would expect the ACCC would take casimo interest. The proposal by Star was announced to the ASX this morning and involves a merger of the two groups to create a single casino operator which would have operations in most major capital cities. Only nrws casinos in Adelaide and Tasmania are owned by check this out groups.
Crown has been negotiating with the regulator over what here it must take to become suitable. This does not include any takeover premium and is star casino news on the three-month average price of Crown shares prior to 19 March, when Crown received another takeover offerfrom the US private equity group Blackstone, causing its share price to jump.
Packer revealed during probity hearings in Sydney that he was suffering from bipolar disorder and had been cwsino serious mental health issues. After damning evidence enws his role in Crown, Packer made it clear to the regulator that he would no longer seek to take an active management role in the casino empire he created. He is believed to be wanting to exit Crown altogether.
But the Star offer will pose a dilemma for the billionaire — and it is not just about price. It would also see him in business with his fierce rivals.
Crown, revealing the details to the ASX, said the board of the merged entity ztar initially comprise the current directors of each of Crown and Star. The Star offer has now sparked a serious bidding war for the casino group, cwsino could yet see other players emerge. The purchase would take place by newz of a scheme of arrangement.
Continue reading indicative offer price czsino be reduced by star casino news value of any dividends or distributions declared or paid by Crown.
But it is likely that Packer will be hoping for a higher offer. Read more Crown board has not yet formed a view on the merits of the bids now before it. Meanwhile, Crown announced it had appointed Steve McCann as its new chief executive officer and managing star casino news of Crown, subject to the star casino news of probity and regulatory approvals.
McCann is currently group chief executive officer of real estate and investment group Lendlease, a role he has held for more than a decade. McCann will join Star casino news effective 1 June The Crown chair, Helen Coonan, has been acting chief executive, after the Independent Liquor and Gaming Authority star casino news it wanted the former chief executive, Ken Bartonto step down as part of the reforms to make Crown suitable. Crown Casnio. This article is more than 3 months old.
The Crown casino tower at Barangaroo in Sydney. The troubled gambling company may merge with rival group Star Entertainment. Anne Davies. Mon 10 May Read more. Reuse this content.