Star shares rocket on acquisition interest from Hard Rock consortium
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More news: Star Entertainment shares surged as it resumed trading on the ASX, after the casino operator confirmed acquisition interest from a consortium involving Florida entertainment group Hard Rock Hotels and Casinos' Pacific partner.
Shares were up 15.5% to $0.52 by 11:30am AEST.
Star receives takeover bid from Hard Rock Pacific-led consortium
More news: Star Entertainment said it has not received an acquisition proposal directly from Hard Rock Hotels and Casinos, despite media speculation naming the Florida entertainment group as a potential suitor.
However, the group confirmed that it received inbound interest from "a number of other external parties" regarding "potential transactions". This included a consortium of investors featuring "Hard Rock Hotels & Resorts (Pacific)", which the casino operator believed to be a local partner of Hard Rock Hotels and Casinos.
The Star paused trading on the ASX just before 10:00am AEST prior to the announcement.
Shares were last at $0.45.
Star Entertainment confirms acquisition interest
The news: Star Entertainment has confirmed media speculation relating to a possible acquisition for the gambling group.
The context: The Star said that it has received inbound interest from "a number of external parties" regarding "potential transactions". However, none of the approaches have resulted in substantive discussions.
Earlier on Monday, the AFR reported that Florida entertainment group Hard Rock Hotels and Casinos was considering taking control of the Star.
The reported proposal would see the Star rebranded and its properties separated from the casino operator.
The group is currently in the midst of an inquiry by the NSW Independent Casino Commission (NICC), which is considering whether to take back its casino licence in Sydney. Last week, the Queensland government granted the Star additional time to demonstrate its fitness to operate casinos in Brisbane and the Gold Coast.
The sources: ASX announcement, AFR
