Star shares plunge as investors doubt validity of proposed takeover by Hard Rock

(Reuters) – Shares of Australia’s Star Entertainment plunged on Tuesday, a day after soaring 20%, as investors expressed their confusion over a proposed takeover offer that the cash-strapped casino operator said came from a consortium including Hard Rock Hotels & Resorts (Pacific).

U.S. hotel and casino giant Hard Rock International denied having any discussions or authorising the use of its brand regarding any potential takeover talks with Star, sending the latter’s shares down 10% on Tuesday.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala)