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CWN, CROWN LIMITED
blacksheep
post Posted: Apr 10 2019, 09:10 PM
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In Reply To: nipper's post @ Apr 10 2019, 08:59 PM

Someone was gambling alright,......

QUOTE
Crown's secret attempt to start a bidding war
Within hours of the release of Tuesday’s statement by James Packer’s Crown Resorts that US casino giant Wynn Resorts was proposing to buy the Australian gaming group, investment bankers were on the phone to other potential suitors saying an offer of $15.50 could seal the deal.

Crown was clearly looking to start a bidding war, but it needed other buyers in the room

https://www.smh.com.au/business/companies/c...410-p51csn.html

QUOTE
ASIC to investigate leak
Australia's corporate watchdog will investigate whether an information leak caused the share price of Crown Resorts to spike significantly before it could officially disclose to the market that it was being courted by an American casino giant.

Crown paused trading on Tuesday morning after news of the potential takeover was reported in the media and its share price closed 19.7 per cent higher after it confirmed the $10 billion bid from Wynn Resorts.

But there are concerns that some traders were aware of the confidential talks between the two parties ahead of time and acted on that information.

"The issue is that a very large number of shares were traded in that short interval when there was clearly a leak to the market, and that's effectively insider trading," Mike Robey from the Australian Shareholders' Association told 7.30

The Australian Securities and Investments Commission has confirmed it is investigating the trades..

https://www.abc.net.au/news/2019-04-10/why-...siness/10990200



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Apr 10 2019, 08:59 PM
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Casinos! .... That's where they play poker, I think?



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Apr 10 2019, 11:49 AM
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In Reply To: blacksheep's post @ Apr 9 2019, 11:22 AM

Could be the shortest ever takeover discussion on ASX history? Wynn citing "preliminary deal was revealed prematurely" and that "it has terminated all discussions with Crown concerning any
transaction
"

SP down 8.11% currently @ $12.91 - hopefully some took advantage of yesterdays spike

Notable short alert yesterday
QUOTE
Tue 9th Apr, 2019 3,841,588 677,158,271 0.56% 12,738,591 30.16%

https://www.shortman.com.au/stock?q=cwn
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Apr 9 2019, 11:22 AM
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SP currently up 19.68% @ $14.05 on this news

QUOTE
DISCUSSIONS WITH WYNN RESORTS
MELBOURNE: Crown Resorts Limited (ASX: CWN) (Crown) notes media reports about Wynn Resorts,
Limited (Wynn) putting a confidential takeover proposal to Crown.

Crown confirms that it is in confidential discussions with Wynn regarding a potential change of control
transaction following approaches to Crown by Wynn.

The proposal contemplates an acquisition of Crown by Wynn via scheme of arrangement for a combination
of cash and Wynn shares.

The proposal currently contemplates acquisition consideration (50% cash and 50% Wynn shares) with an
implied value of A$14.75 per share with the exchange ratio being fixed, using a volume weighted average
price for Wynn shares, immediately prior to the announcement of an agreed transaction. At the date of the
proposal, the volume weighted average price of Wynn shares implied an exchange ratio of 0.042 Wynn
shares per Crown share. The terms of the consideration are yet to be agreed.


The proposal is subject to a number of conditions including due diligence, Wynn obtaining all necessary
regulatory approvals and a recommendation by the Crown Board. It is stated to be preliminary, confidential,
non-binding and indicative.


The Crown Board has not yet considered the most recent proposal from Wynn.
The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached
between the parties in relation to the structure, value or terms of a transaction. There is no certainty that
these discussions will result in a transaction.

Goldman Sachs and UBS are acting as financial advisers and Ashurst as legal adviser to Crown.

https://www.shortman.com.au/stock?q=cwn
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Apr 26 2018, 07:29 PM
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In Reply To: blacksheep's post @ Oct 18 2017, 11:39 AM

Another slap on the wrist? $300k fine for CWN probably amounts to "petty cash"?
QUOTE
Senior sources have told the ABC that the Victorian Commission for Gambling and Liquor Regulation is set to announce the penalty for Crown as early as Friday.

It is understood the penalty could be as high as $300,000 and will also include a letter of censure, and require Crown to operate in an updated compliance framework.

The penalty is likely to be criticised by gambling reformers as too weak — for the first half of this financial year, Crown Melbourne enjoyed more than $1.1 billion in revenue.

http://www.abc.net.au/news/2018-04-26/crow...-claims/9698278
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 18 2017, 11:39 AM
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Posts: 6,791
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Another company in the news today for all the wrong reasons - accordingly, SP's taken a hit - down 7% currently # $10.92/share

Crown Casino 'tampered with poker machines', whistleblowers allege
Tom Cowie, Fergus Hunter
QUOTE
Explosive allegations from whistleblowers that Crown Casino tampered with poker machines, ignored domestic violence and avoided money laundering tracking have been tabled in federal parliament.

The bombshell claims are made by three anonymous former staff at Crown in Melbourne in a 30-minute video interview, which was tabled in parliament by anti-pokies independent MP Andrew Wilkie.............

http://www.theage.com.au/victoria/crown-ca...017-gz32fm.html
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Aug 10 2017, 07:21 PM
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James Packer sold 8.7 mil CWN shares for a total value of $103 mil - all between 3 - 10 August it appears. Seems to explain the drop in SP on the 7 August. No indication yet who purchased the parcel.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 13 2017, 09:27 PM
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Posts: 6,791
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In Reply To: blacksheep's post @ Jul 13 2017, 11:55 AM

According to AFR, Genting Group sold its substantial holding in Star Entertainment Group.

UBS managed the black trade, which was offered at $5.07.

It'll be interesting to see if CWN was a buyer - as per Citi's hypothetical mentioned below.

http://www.afr.com/street-talk/genting-sel...20170713-gxawgx



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 13 2017, 11:55 AM
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Posts: 6,791
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Analysts and fund managers are apparently considering CWN's next steps.

Citi has, according to AFR, run numbers on a hypothetical Crown Resorts/Star tie-up.

QUOTE
The analysts said such a tie-up had some merit including enhanced operating scale and geographic expansion for Crown, and could see $85 million to $135 million in annual synergies.

"Hypothetically, if we assume an all cash offer from CWN to SGR shareholders, we estimate c5% EPS accretion in year one and c19-22% accretion and 1.6-1.7x net debt to EBITDA gearing for the combined group in years two and three (extransaction costs)," Citi analysts told clients on Thursday morning.

The numbers were based on a $6.45 as share bid price for Star, which would be a 30 per cent premium to the last close, $110 million in annual synergies by year three, a deal funded with 40 per cent debt and 60 per cent equity, and a Crown equity offer at a 15 per cent discount.


Citi's target for CWN is $14.80

Read more: http://www.afr.com/street-talk/citi-runs-n...e#ixzz4mfktekAD

Both stocks are up slightly this morning

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Oct 17 2016, 02:06 PM
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Posts: 6,780
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In Reply To: triage's post @ Oct 17 2016, 01:11 PM

To me, it's more like Kafka; pesky people, don't they know what's good for them (elites get like that, after a while)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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