Crown takeover deal sinks as Wynn Resorts pulls out

In an abrupt turn of events, Wynn Resorts has abandoned plans to take over James Packer’s Crown Resorts after news of the potential deal was leaked to the press.

The confidential talks on the deal, reported to have been worth $US7.1 billion ($A10 billion), was confirmed by Crown on Tuesday sending Crown shares higher. However, the public nature of the announcement scared Wynn off immediately.

“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction,” Las Vegas-based Wynn said on Tuesday.

The deal would have seen Packer pocket a $US4.7 billion payout.