By Stuart Condie
SYDNEY–Star Leisure Group Ltd. withdrew its indicative proposal to merge with Crown Resorts Ltd. over issues its rival may lose its on line casino license in Melbourne.
Star on Friday mentioned points raised by Victoria state’s quasi-judicial inquiry into Crown’s suitability to carry a license generated an excessive amount of uncertainty for the proposal to proceed. It additionally mentioned it had restricted engagement with Crown on the proposal.
Star mentioned it continued to imagine substantial advantages could possibly be unlocked by a merger and that it was open to exploring potential value-enhancing alternatives with Crown. Star estimated that the mixed firm may scale back annual prices by as much as A$200 million when it made the proposal in Might.
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