Star shares fall as Hard Rock denies takeover interest
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FILE PHOTO: Star Entertainment logo is seen in this illustration taken, April 23, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
By Rishav Chatterjee
(Reuters) -Hard Rock International, the chain that runs the storied Hard Rock Cafe hotels and restaurants, has denied any involvement in a takeover bid for embattled Star Entertainment, sending the Australian casino operator's shares down 10% on Tuesday.
Star on Monday said it had received "interest" from a group of investors including Hard Rock Hotels & Resorts (Pacific), lifting shares up 20%.
However, confusion around the identity of the group sent shares down on track to mark their worst day in over a month.
"We want to make it clear that Hard Rock International is not involved in, nor has it authorized, any discussions, activities or negotiations on its behalf in connection with a proposed bid for Star," the Florida-based chain said on Monday, adding that it had not "authorized the use of the Hard Rock brand in connection with any proposed bid for Star by any third party."
KCM Trade chief market analyst Tim Waterer said Hard Rock International's statement "has taken some wind out of the sails" of Star's stock as investors try to figure out who the possible suitors for Star are.
The Australian casino operator had earlier said that Hard Rock Hotels & Resorts (Pacific) was a local partner of Hard Rock Hotels and Casinos, but later said they had not heard directly from Hard Rock International.
Reuters could not immediately get in touch with Hard Rock Hotels & Resorts (Pacific).
The Australian Financial Review on Monday had reported that Hard Rock had made an offer to take control of Star and the proposal included injecting fresh capital into the cash-strapped company.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala, Eileen Soreng and Nivedita Bhattacharjee)
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