Blackstone To Obtain Rest Of Crown Resorts
Renowned Australian casino developer Crown Resorts reached an agreement to enter takeover talks with US investment giant Blackstone, the Economic Occasions reported.
The deal is valued at about $8.9 billion AUD ($6.five billion USD), per the report.
Crown Resorts Restricted announced that it had received a revised non-binding proposal from a organization “on behalf of funds managed and advised by Blackstone Inc. and its affiliates (collectively, Blackstone),” to acquire all of the shares in Crown “by way of a scheme of arrangement” at a price of A$13.ten cash per share.
Blackstone is the owner of the Bellagio in Las Vegas.
According to the Financial Instances, the price tag is an improve of $.60 money per share compared to the previous Blackstone offer you of $12.50. There was a reported bidding war in between Blackstone and a firm referred to as Star Entertainment Group.
“It is the Crown Board’s existing unanimous intention to advocate that shareholders vote in favor of the proposal in the absence of a superior proposal and topic to an Independent Specialist concluding (and continuing to conclude) that the proposed transaction is in the very best interests of Crown shareholders,” the company stated.
Blackstone already owns ten% of Crown Resorts. Prominent billionaire James Packer, who once engaged to Mariah Carey, owns a third of the company.