Crown had earlier said the talks were at a preliminary stage,and that the companies had not agreed on a value or deal structure.Credit:AP,AAP
"Following the premature disclosure of preliminary discussions,Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,"the company said in a statement on Tuesday morning in the US.
Crown Resorts,controlled by Australian billionaire James Packer,had earlier issued a statement saying Wynn had proposed to buy the company $10 billion in a cash-and-stock deal.
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Wynn also released anSEC filing on Tuesday to say that Crown Resorts had issued a press release"about confidential discussions". The Las Vegas casino giant confirmed it was in preliminary discussions but that no agreement had been reached and"there is no assurance that these discussions will result in a transaction".
Just before the opening bell on Tuesday,the company went a step further and pulled out entirely.
Before news of the deal leaked,Wynn had seen its stock rise more than 46 per cent this year. Wynn's shares fell nearly 5 per cent after the termination.
Crown Resorts shares closed nearly 20 per cent higher at $14.05,below the proposed buyout price of $14.75 as investors were sceptical of a deal.