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Steve Wynn could sell entire company stake, opening door to takeover

Published 03/21/2018, 12:16 PM
© Reuters.  Steve Wynn could sell entire company stake, opening door to takeover
WYNN
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  • Former Wynn Resorts (WYNN -2.1%) CEO Steve Wynn files to sell as much as his entire $2.2B holding in the casino operator, "in an orderly fashion and in cooperation with the company."
  • The founder’s sale of as much as 12.1M shares - or ~11.8% of the company - if it happens, along with the unwinding of the shareholder agreement that prevented his ex-wife from lowering her 9.3% stake, potentially makes the company vulnerable to a takeover.
  • Regulators in Macau, Massachusetts and Nevada are investigating the company’s handling of harassment claims against Wynn, which could result in him being found unfit to be the largest shareholder in a casino company.
  • Now read: Cineworld Group PLC ADR 2017 Q4 - Results - Earnings Call Slides


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