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Australian Investment Blog

ASX:CWN 02/12/2021

Why is Crown Resorts (CWN) up today?

CWN +0.73%: Reports this morning that Star Entertainment (SGR) were back looking at Crown saw the stock marginally higher today while they also announced they granted Blackstone non-exclusive due diligence which, as Crown put it, will allow them to firm up a more palatable offer in excess of their current $12.50 proposal. While we think the risk/reward looks good for CWN ~$11, it seems unlikely that Blackstone will overpay for operating business, they have a clear property focus with physical assets their primary modus operandi. Star however see obvious operational synergies in a tie up and that in MM’s view is where the real upside would come from.

CWN
MM likes the risk/reward in CWN around $11
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Crown Resorts (CWN)
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