Stocks of the Hour: Crown, The Star, Woolworths & PointsbetCraig Foley
Casino giant Crown Resorts (ASX:CWN) has been presented with another restructuring pathway, as its gaming rival The Star Entertainment Group (ASX:SGR) has entered the bidding war against US investment firm Blackstone for the troubled gaming business. Crown has confirmed its receipt of a $12 billion merger offer from the Star. The prospective gambling behemoth has the potential to achieve $150 million to $200 million in cost synergies, as the joint venture would represent around $2 billion in net value.
Shares in Crown Resorts (ASX:CWN) are trading 7.3 per cent higher at $13.01
Australia’s biggest grocer Woolworths (ASX:WOW) is offering shareholders a payout worth up to $2 billion to green-light its demerger of the company’s beverages and hospitality division. In addition to the special dividend, the grocery retail giant will also reward investors with an interest in a new ASX-listed entity trading as Endeavour Group, as existing shareholders will acquire one new share in the spin-off for each Woolworths share.
Shares in Woolworths are trading 2.52 per cent higher at $40.41
Online bookmaker PointsBet Holdings (ASX:PBH) has secured a deal to purchase US account wagering platform Premier Turf Club for $3.7 million, upscaling the operations of the ASX-listed business’ US subsidiary. Under the agreement, PointsBet US will gain entry into the Oregon racing market through Premier Turf Club’s bookmaking license under the Oregon Racing Commission. The transaction is pending satisfaction of customary completion conditions by both parties.
Shares in Pointsbett Holdings are trading 0.2 per cent lower at $13.53
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