Inside Asian Gaming

IAG JUN 2021年6月 亞博匯 12 亞博匯早報 BREAKFAST BRIEFS STAR ENTERTAINMENT GROUP SUBMITS CROWN MERGER PROPOSAL 澳洲星億提議與皇冠合併 AUSTRALIA’S STAR ENTERTAINMENT GROUP has submitted a proposal to merge with Crown Resorts in a deal that, should it proceed, would see the nation’s two casino giants come together as one. The proposal values Crown’s shares in excess of AU$14 per share – exceeding the value put forward by competing bids in recent weeks which value Crown at closer to AU$12 per share. Outlining its case for a merger, Star said the offer represents a share exchange ratio of 2.68 Star shares per Crown share with a cash alternative of AU$12.50 per Crown share for up to 25% of Crown’s issued share capital. “Based on recent trading values of The Star and the substantial value that would be unlocked by a merger, The Star estimates its pro forma share price to be more than AU$5 per share, implying potential value of the Scrip Consideration in excess of AU$14 per Crown share,” it said. The Star said it believes a merger represents a “compelling value proposition for all shareholders by creating a national tourism and entertainment leader with a world-class portfolio of integrated resorts with enhanced scale and geographic earnings diversification, significant balance sheet strength and free cash flow generation.” It would also allow for AU$150 million to AU$200 million in cost synergies per annum with an estimated net value of AU$2 billion. “A merger of The Star and Crown would result in significant scale and diversification and unlock an estimated AU$2 billion in net value from synergies,” said Star Chairman John O’Neill. “With a portfolio of world-class properties across four states in Australia’s most attractive and populated catchment areas and tourism hubs, the combined group would be a compelling investment proposition and one of the largest and most attractive integrated resort operators in the Asia-Pacific region.” 澳洲星億集團 日前提交了一項提議，希望與澳洲皇冠度假酒店集 團合併。若該提案得以實施，則澳洲兩大博彩業巨擘將合二為一。 該提案對皇冠股票估值每股超過14澳元，超過最近幾周皇冠 所收到的競購報價，後者對皇冠的估值為接近每股12澳元。 星億集團在其合併方案中表示，該方案擬定的股份交換比率 為2.68股星億股票兌換1股皇冠股份，現金替代方案為每股12.50 澳元，最多佔皇冠已發行股本的25%。 該公司表示：「根據星億近期的交易價值以及合併後將產生 的巨大價值，星億估計其預估股價將超過每股5澳元，這意味著以 股份對價的潛在價值超過皇冠每股14澳元。」 星億表示，該公司相信合併將「為所有股東產生引人注目的 價值，因其將創建一個領銜該國旅遊及娛樂行業、世界一流水準 的綜合度假村。營運商，其規模將更大，貢獻收入的地區更多元 化，資產負債表更雄厚，以及實現更多的自由現金流。」 此舉還將每年帶來1.5億至2億澳元的協同效益，估計淨價值 為20億澳元。 星億集團主席John O’Neill表示：「星億與皇冠的合併將帶 來顯著的規模及多樣化，並將帶來約20億澳元的協同效應價值。」 「合併後的實體將在澳洲最具吸引力及人口最多的四個州， 擁有世界級的物業組合，這將是一個引人注目的投資主張，並將 成為亞太地區規模最大、最具吸引力的綜合度假村營運商之一。」