Wynn proposed to acquire Crown via scheme of arrangement for a combination of cash and Wynn shares. The proposal contemplated acquisition consideration (50% cash and 50% Wynn shares) with an implied value of AUD14.75 ($10.49) per share with the exchange ratio being fixed, using a volume-weighted average price for Wynn shares, immediately before the announcement of an agreed transaction. At the date of the proposal, the volume weighted average price of Wynn shares implied an exchange ratio of 0.042 Wynn shares per Crown share. The discussions between Crown and Wynn were at a preliminary stage, and no agreement has been reached between the parties about the structure, value or terms of a transaction. Wynn Resorts terminated takeover discussions with Crown Resorts. "Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction."