Star Entertainment Group Ltd. offered to merge with Australian casino rival Crown Resorts Ltd. in an all-stock deal, setting up a bidding war with Crown suitor Blackstone Group Inc.

Star is proposing a nil-premium, share exchange ratio of 2.68 Star shares for each Crown share, Star said in a statement Monday. According to the statement, the proposal implies a potential value of more than A$14 per Crown share. That compares with Blackstone’s offer of A$12.35 in cash, a sweetened bid that was also announced Monday.

In a separate statement, Crown said it’s assessing Star’s proposal.

Blackstone Sweetens Crown Resorts Takeover Offer 4.2%

Star’s bid also includes a cash alternative of A$12.50 per Crown share for as much as 25% of Crown’s issued shares.