Shares in Australia's Crown Resorts Ltd tumbled on Wednesday after U.S. cas...
SYDNEY - Shares in Australia’s Crown Resorts Ltd tumbled on Wednesday after U.S. casino giant Wynn Resorts Ltd quit discussions for a A$10 billion buyout, although some investors appeared to be hoping for a change of heart.
The indicative offer for Australia’s biggest casino operator had been viewed by investors as opportunistic but also only the beginning of a drawn-out pursuit. That is a lot less likely now. At A$12.86, the stock remained almost 10 percent higher than its last price before Wynn’s approach was disclosed, suggesting hope for a deal had not completely evaporated.
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