Australia's Star makes $7 billion play for Crown
Australian casino operator Star Entertainment Group on Monday launched an all stock merger bid for its rival Crown Resorts.
The proposed tie-up deal is worth an estimated 7 billion U.S. dollars.
It pits Star against two private equity giants - Blackstone Group and Oaktree Capital - who are also trying to buy Crown.
Blackstone upped its offer just minutes before the proposal came in from Star Entertainment.
Crown, which is 37% owned by its billionaire founder James Packer, said it was assessing the offers.
The bidding war reflects the intense interest in Crown which has prized tourism and real estate assets on both Australian coasts.
The company, however, has not been without scandal.
An inquiry in February found Crown had enabled money laundering on its premises, knowingly dealt with tour operators linked to organised crime, and disregarded the safety of staff in China who were jailed in 2016 for breaching its gambling ban.
Star has a Sydney waterfront casino near Crown's new resort tower that it opened in December without permission to offer gambling.
Star's proposed buyout may attract antitrust scrutiny since it would create a single gambling giant in Australia without a competitor.
