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The Star proposes $12b casino merger with James Packer’s Crown Resorts – Sydney Morning Herald

Casino group Star Entertainment has proposed merging with James Packer’s beleaguered Crown Resorts in a deal that would create a $12 billion gambling giant

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Blackstone which already owns 10 per cent of Crown lobbed its original offer at $11.85 per share, and contacted the company over the weekend with a higher bid, according to a source with knowledge of that offer.
Sources briefed on The Stars proposal said Crown investors would be able to choose to receive cash for their Crown shares, cash and shares in the new company, or just new shares. But the cash component is limited and the amount of Crown shares investors could take up would depend on how…

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