Blackstone To Acquire Rest Of Crown Resorts
Renowned Australian casino developer Crown Resorts reached an agreement to enter takeover talks with US investment giant Blackstone, the Monetary Occasions reported.
The deal is valued at about $8.9 billion AUD ($6.5 billion USD), per the report.
Crown Resorts Restricted announced that it had received a revised non-binding proposal from a business “on behalf of funds managed and advised by Blackstone Inc. and its affiliates (together, Blackstone),” to obtain all of the shares in Crown “by way of a scheme of arrangement” at a cost of A$13.ten cash per share.
Blackstone is the owner of the Bellagio in Las Vegas.
According to the Economic Instances, the cost is an enhance of $.60 cash per share compared to the earlier Blackstone supply of $12.50. There was a reported bidding war in between Blackstone and a business known as Star Entertainment Group.
“It is the Crown Board’s present unanimous intention to recommend that shareholders vote in favor of the proposal in the absence of a superior proposal and topic to an Independent Professional concluding (and continuing to conclude) that the proposed transaction is in the greatest interests of Crown shareholders,” the company said.
Blackstone already owns 10% of Crown Resorts. Prominent billionaire James Packer, who once engaged to Mariah Carey, owns a third of the company.