Star Surges as Hard Rock Approach Signals Potential Bidding War
- Several parties have approached Australian company about deals
- Star’s value has collapsed amid inquiry into license rights
The Star complex, operated by Star Entertainment Group, in Sydney, Australia.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Shares in Star Entertainment Group Ltd. jumped after approaches from suitors including a Hard Rock Hotels & Resorts consortium triggered expectations of a bidding war for the troubled Australian casino operator.
Star “has received inbound interest from a number of external parties regarding potential transactions,” the Sydney-based company said early Monday. “At this stage, none of the approaches has resulted in substantive discussions.”