The Sydney-based casino operator has a market capitalisation of...

The Sydney-based casino operator has a market capitalisation of about $1.4bn. This is well below the value of the property and other assets sitting on its balance sheet.

Well, we all know that.

Star’s then CEO, Mr Cooke, and at least one board member, understood to be then chairman David Foster, had been planning to meet the Crown executive and adviser, the former PwC executive Luke Sayers, as well as a Blackstone representative.

Well well well, looks like Cooky and Foster were trying to flog it off to Blackstone, that's why
they were holding their cards close to their chest and not letting other Directors in on their little secret

While the approach has since gone cold, any talk of a merger would put the companies at odds with NSW’s Minns government, which is understood to be firmly opposed to the combination of the two casinos under the once licence given the potential for job losses in Sydney.

Looks like the The NSW Gov caught on to what was being hatched and decided to put a stop to it. Hence in comes Crawford, Blows up the Board of Directors, cleans out the joint and starts over with a clean slate of Management and looks like The Star will shine once more.

Just my delusional thoughts, please do your own research.