Star enters the race for Crown Resorts with $12bn merger proposal

The Star Entertainment Group has tabled a AU$12bn merger proposal to Crown Resorts, which it believes would create a "national tourism and entertainment leader". The proposal pits the casino operator against Blackstone Group, which already owns a little under ten per cent of the group and has revised its offer to $12.35 per share after tabling a bid of $11.85 each, valuing the group at AU$8bn, last month.