Wynn Resorts eyes AU$10bn Crown acquisition
American hotel and casino operator Wynn Resorts is in discussions with Australia’s Crown Resorts for a potential takeover.
In a press release confirming the discussions, Crown Resorts said the acquisition would be 50% cash and 50% Wynn shares, with Wynn offering “an implied value” of AU$14.75 per share. Sydney Morning Herald said this represents a total value of around AU$10bn.
“The discussions between Crown and Wynn are at a preliminary stage and no agreement has been reached between the parties in relation to the structure, value or terms of a transaction. There is no certainty that these discussions will result in a transaction,” Crown said in its statement.
The firm added that Goldman Sachs and UBS are serving as financial advisors, with Ashurst as Crown’s legal advisor during the talks.
“It’s a preliminary-style bid which doesn’t yet provide an adequate premium for control, and most would expect there to be both more debate about the strategic merit and pricing,” said Angus Gluskie, Managing Director of Crown stakeholder White Funds Management, according to Reuters.
Reuters noted that Wynn’s strategy for expansion has met hurdles in Asia, and Crown’s establishment in the market would offer a substantial boost to its fortunes, adding that the deal would include Crown’s two existing, high-quality Australian casinos alongside a third under construction in Sydney.
Amobee Appoints Nick Brien As CEO
In its latest strategic move, Amobee—a global multimedia advertising leader—announced that Nick Brien will be its Chief Executive Officer. The company is entirely owned by Singtel, Asia’s leading communications technology organisation, which provides consumers with mobile, broadband, and TV and businesses with data hosting, cloud, network infrastructure, analytics, and cybersecurity tools.
Brien, who has worked for Microsoft, Intel, P&G, and American Express, will take over to drive the next generation of advertising tech. Said Evangelos Simoudis, Chairman of the Board of Amobee: ‘Nick has the deep expertise in advertising that we need to seize the market opportunities ahead’.
How Did Brien Get Here?
Before joining Amobee, Brien led 15,000 people across 40 divisions as CEO of the Americas for Dentsu International. For thirty years, he’s helped brands pilot unique advertisements, keeping up with the latest trends. He’s served as CEO of McCann Worldgroup, global CEO of IPG Mediabrands, President of Hearst Marketing Services, and CEO of iCrossing. Over the course of his career, he’s consistently strategised how to keep up with digital shifts. Now, he’ll capitalise on Amobee’s legions of experienced data scientists and developers.
‘I’m excited to be joining Amobee at such a transformative time in our industry’, Brien explained. ‘We’ll pilot advertising accountability and intelligent decisioning. And there’s no doubt in my mind that optimising media performance—whether you’re targeting, planning, buying, or delivering—can only be achieved using applied science, machine learning, and data analytics’.
What Does This Mean for Amobee?
Amobee is set on growing its personal brand within the advertising sector. As APAC social media influencers, Gen Z growth hackers, and viral content producers start to enter the field, established companies will be working doubly hard to keep up. Amobee, however, is still looking good. With a Gartner Magic Quadrant for Ad Tech, a Forrester New Wave recognition, and now, Nick Brien as CEO, the firm is set up for success.