[BENGALURU] Crown Resorts stated on Monday (Feb 14) it’ll again a A$8.9 billion (S$8.5 billion) binding takeover provide from US non-public fairness agency Blackstone, because the prolonged takeover saga for Australia’s largest on line casino operator nears its finish.
Shareholders of Crown, which has confronted damaging misconduct inquiries in each state it operates in and has additionally been hammered by a Covid-19-led drop in guests, will get A$13.10 a share, a 5.7 per cent premium to the inventory’s final shut.
The most recent provide worth is 10.5 per cent larger than Blackstone’s first A$11.85 apiece bid in March final yr.
“The all-cash provide offers shareholders with certainty of worth,” Crown chairman Ziggy Switkowski stated in a press release.
Chief government Steve McCann stated the worth appropriately mirrored the worth of the corporate’s belongings.
The deal was nonetheless topic to an impartial knowledgeable deeming the provide appropriate for shareholders, in addition to approvals from Australia’s Overseas Funding Overview Board and on line casino regulators, Crown stated.
“We’re more than happy to have entered right into a binding implementation settlement with Crown and sit up for working with the corporate and its stakeholders to finish this transaction,” stated Chris Tynan, senior managing director and head of actual property at Blackstone Australia.
Consolidated Press Holdings (CPH), a car owned by Crown founder James Packer with a 37 per cent stake within the firm, declined to remark.
Final yr, Crown bought 3 bids from Blackstone and a A$9 billion provide from rival Star Leisure which was later withdrawn. It additionally unsuccessfully engaged with Oaktree Capital over the sale of Packer’s stake.
A shareholder assembly to vote on the deal is predicted to be held within the second quarter.
Buying and selling in Crown shares was quickly paused forward of the announcement and was nonetheless halted by 11.26 pm GMT. REUTERS