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BRIEF-Melco Crown Entertainment announces Melco's agreement to acquire shares from Crown
December 14, 2016 / 11:38 PM / 7 months ago

BRIEF-Melco Crown Entertainment announces Melco's agreement to acquire shares from Crown

1 Min Read

Dec 14 (Reuters) - Melco Crown Entertainment Ltd -

* Melco Crown Entertainment announces Melco's agreement to acquire shares from Crown

* Melco Crown Entertainment Ltd- Deal for is approximately US$1.2 billion

* Melco Crown Entertainment Ltd - Aggregate purchase price is approximately US$1.2 billion

* Melco Crown Entertainment Ltd- James Packer, a Crown nominee director and deputy chairman, will resign from company with effect from December 15, 2016

* Melco Crown Entertainment - Melco Leisure to pay deposit of $100 million, refundable if sale agreement terminated prior to closing due to Crown's default

* Will not receive any proceeds from Melco acquisition

* Melco Crown Entertainment Ltd- Upon closing of sale, Melco's shareholding in company will increase from 37.89% currently to 51.31%

* Melco Crown - Major shareholder entered into a privately negotiated agreement to acquire 198 million ordinary shares of company from Crown Asia Source text for Eikon: Further company coverage:

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