Crown reportedly hires Goldman defence after Wynn approach

Crown Resorts
Crown Resorts

Australia’s Crown Resorts has reportedly hired investment bank Goldman Sachs as a defence advisor after being approached by Wynn Resorts as a possible takeover target, the Australian Financial Review reports.

Wynn reportedly contacted Crown seeking to initiate talks between the two companies, although the Australian operator rebuffed the approach.

Analysts expect Crown to report $3.3 billion revenue and $826 million earnings before interest, tax, depreciation and amortisation in the 2019 financial year, and the company has about a $7.7 billion enterprise value, AFR says.

James Packer’s Consolidated Press Holdings owns 46.1 percent of the company.