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A consortium led by Hard Rock Hotel & Casino is considering a bid for Australian casino operator Star Entertainment, according to the Australian Financial Review. Star Entertainment has confirmed receiving inbound interest from several parties, including a regional entity of Hard Rock International. This news led to a 23% rise in Star's share price, lifting its market value to A$1.6 billion ($1.1 billion). However, shares later fell amid investor doubts about the validity of the takeover proposal. Star Entertainment stated there have been no substantive talks so far.
Star shares plunge as investors doubt validity of proposed takeover by Hard Rock https://t.co/uZrYA3hMLK https://t.co/noTiVmrwiF
Star Entertainment shares fell amid confusion over the validity of a takeover proposal that Star said came from a group backed by Hard Rock Hotels & Resorts (Pacific) https://t.co/XIQxT7GccH
Australian casino operator Star soared 23%, lifting the firm's market value to A$1.6 billion ($1.1 billion), after approaches from suitors including a Hard Rock Hotels & Resorts consortium https://t.co/EbubTOe3ET
