Florida-based Hard Rock International has denied any involvement in a takeover bid for Australia’s Star Entertainment, leading to a sharp decline in the casino operator’s shares on Tuesday. On Monday, Star had announced interest from a group of investors, including Hard Rock Hotels & Resorts (Pacific), which briefly pushed its shares up by 20%. However, Hard Rock International clarified that it had not authorized any discussions or negotiations regarding a proposed bid for Star, causing Star’s shares to plummet by more than 10% amid investor confusion.
Hard Rock International, the owner of The Mirage in Las Vegas, stated it is investigating the matter and may take legal action to protect its brand and reputation. The company emphasized that it had no connection with the proposed bid for Star Entertainment, despite earlier reports suggesting a partnership with Hard Rock Hotels & Resorts (Pacific). Further details about Hard Rock Hotels & Resorts (Pacific) were not available at the time.