Crown set to accept takeover bid
Crown Resorts says it is ready to accept a takeover bid from US private equity group Blackstone after it increased its non-binding offer by $400 million to $8.87 billion. Crown’s board says it will recommend the offer to shareholders, which would see them pocket $13.10 a share. One investor who likes what he sees is former chairman James Packer – he says he is “encouraged” by what Blackstone has offered. And let’s face it, the prospect of receiving $3.26 billion for a 37% share of the casino operator would put a pep in your step… Any deal also needs to receive the approval of gaming regulators in Victoria, NSW and Western Oz. That’s all happening as the WA Government starts to wrap up its Royal Commission into Crown’s suitability to hold a casino license at its Perth venue. It followed similar inquiries held in NSW and Victoria last year.
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