/ 23 March 2021

Crown Resorts receives a takeover offer

An $8 billion takeover offer has been made for Crown Resorts from American private equity group Blackstone. The offer values Crown at $11.85/share – a 19% premium on the company’s recent average share price – and comes as the company reels after the NSW gaming regulator ruled it unfit to hold the licence for its new $2.2 billion Barangaroo casino. Inquiries were then launched in Victoria and Western Oz. Blackstone already owns nearly 10% of Crown, which it bought off Hong Kong casino group Melco Resorts last year, and is an investor in casino properties in Las Vegas and Spain. Crown’s board has not assessed the proposal, the company said yesterday. For James Packer, who is Crown’s largest shareholder with a 36% stake, it could be a way for him to offload some or all of his shares. Analysts said the offer was on the low side compared to the $14.75/share bid Wynn Resorts was said to be considering in 2019. #SquizShortcuts

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