Read 3 articles daily and win ST rewards, including the ST News Tablet worth $ 398.
MELBOURNE (REUTERS) – Beleaguered casino operator Crown Resorts Ltd announced on Monday ( March 22) announced that he has received a takeover bid from private equity firm Blackstone Group Inc valued at A $ 8.02 billion (S $ 8.31 billion) on the company.
The offer had a price of A $ 11.85 per share, a premium of 20.2% compared to Crown’s closing price of A $ 9.86 on Friday.
Blackstone currently has a 10% stake in Crown, which it last April Macau’s Melco Resorts bought & Entertainment Ltd a year ago. This makes Blackstone the second largest owner of Crown after the company’s billionaire founder James Packer.
Crown said its board of directors has not yet formed an opinion on the offer and will begin evaluating it. He urged shareholders not to take any action at this point.
Blackstone’s offer comes at a time when the casino operator recently dropped a number of top executives from the company after an investigation into it accused of widespread money laundering and governance issues.
Crown said the offer was subject to many conditions including due diligence, the organization of debt financing and Blackstone’s approval by the gambling regulators that it would continue to hold the & Perth licenses in Sydney , Melbourne.
Three Australian states have either investigated or announced they will be investigating Crown as Australian media reports accused the company of doing business with tour operators associated with organized crime.
The company’s earnings are also under great pressure as intermittent Covid-19 bans impacted its operations, causing it to post its first half-year loss in over a decade in February.
The company’s shares are up about 2.4% so far this year after falling nearly 20% in 2020.
SPH Digital News / Copyright © 2021 Singapore Press Holdings Ltd. No. 198402868E. All rights reserved
We have encountered some issues with subscribing and we apologize for the inconvenience. Until we fix the issues, subscribers don’t need to sign up to access articles from ST Digital. However, a login is still required for our PDFs.
Related Title :
– Crown Resorts Receives $ 8 Billion Acquisition Offer From Private Equity Giant Blackstone
– Crown Resorts Receives 8 Billion USD Blackstone Takeover Offer
– Blackstone offers 6.2 billion US dollars for Crown Resorts Affected by Crises
– Australia& # 39; s Crown Resorts Receives $ 6.2 Billion Takeover Offer From Blackstone
– Crown Receives $ 8 Billion Private Equity Takeover Offer from Blackstone
– Crown Resorts in play as US -Fund circles
– Why James Packer wants a higher price from Blackstone in Crown Resorts’ takeover game Damon KitneyFollow wants …
– Australia& # 39; s Crown Resorts receives a takeover offer of US $ 6.2 billion from Blackstone
– Crown Resorts receives a takeover bid of USD 8 billion from the private equity group
– Australia& # 39; s Crown Resorts receives $ 8.3 billion tender offer from Blackstone
Ref: https://www.straitstimes.com
