Crown rejected by Wynn
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For of all sad words of tongue and pen,
The saddest are these: 'It might have been'.
- John Greenleaf Whittier
'Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction'. Wynn couldn't have said it more succinctly and the update comes just a day after Crown announced the takeover talks.
Wynn's abrupt withdrawal is a reminder that a non-binding expression of interest is exactly that - until a firm offer is on the table, shareholders shouldn't get too excited. With the share price down 9% on the news, Crown trades on a price-earnings ratio of 22 based on consensus estimates for 2019 earnings. However, takeover talks have a way of drawing in other interested parties - indeed, that may have something to do with the 'premature disclosure' - so this may not be the last we hear of a deal. With various competitive advantages and decent growth prospects, Crown remains a HOLD.
Note: Our Model Growth and Model Income portfolios own shares in Crown Resorts.
Note: The Intelligent Investor Equity Growth and Equity Income funds own shares in Crown Resorts.
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