decline of 0.25%, taking its value to levels before the merger and acquisition approaches began in March.
"I think it was more the price Star wanted to back away from," said Nathan Bell, portfolio manager of Intelligent Investor, which has shares in both companies. "It may still be a bidder yet, as I'm sure the regulators would prefer a local operator to own our casino licenses." Goldman Sachs analysts said in a research note that Star's decision to pull the indicative offer was unsurprising and that it may ultimately benefit from restrictions placed on its rival.Crown said in a statement it remains willing to engage with Star, and will continue to consider any proposal it receives.in May, leaving Star's approach as its main option to show regulators it could overhaul itself under new ownership.
If the proposal materialises, it would remove a regulatory concern, which was Packer's influence over the board and its decision making. Reporting by Nikhil Kurian Nainan in Bengaluru and Byron Kaye in Sydney; Editing by Krishna Chandra Eluri, Richard Pullin and Ana Nicolaci da CostaSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
...so in the end it wasn't worth it ?
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