The deal, which requires approval from casino regulators in three Australian states and a shareholder vote, could be completed by the end of June, said a second person familiar with the matter.Ĭrown shares jumped as much as 9% to $12.68 Australian dollars on Thursday morning, their highest price since June 4, but still well below Blackstone’s offer indicating market doubt about a rival bid.įollowing the latest offer, the casino operator said it will engage with Blackstone on a non-exclusive basis and give the investment manager the opportunity to finalise due diligence.Ĭrown said if Blackstone makes a binding offer of at least $13.10 Australian dollars per share and if there are no superior offers, its board intends to recommend shareholders vote in favor of the proposal. Investment manager Perpetual, Crown’s third-largest shareholder with a 9.2% stake, said it was in favor of the revised proposal in the absence of a better offer.īlackstone, which owns 9.9%, declined to comment.

“CPH will review all documents released to the market by Crown Resorts relating to a binding control transaction prior to making a decision regarding its shareholding,” it said. There are hopes of signing a deal by January-end, said the person, who was not authorized to speak publicly on the matter and so declined to be identified.Ĭonsolidated Press Holdings (CPH), a vehicle owned by Packer with a 37% stake in Crown, said it was encouraged by the announcement of the proposal and awaited further developments.

The revised offer puts Blackstone in the box seat to win control of Crown, which has faced devastating misconduct inquiries in every state it operates in, while protracted Covid-19 lockdown measures have caused a drop in visitors.Ī person with direct knowledge of the matter told Reuters the near 5% price rise agreed after initial due diligence was supported by major investors, including founder James Packer, who collectively own around 60% of Crown stock. Australia’s biggest casino operator, Crown Resorts, said on Thursday its board was likely to back an improved 8.87 billion Australian dollars ($6.46 billion) buyout proposal from US private equity firm Blackstone unless a higher offer emerged.Ĭrown received a fourth non-binding offer of 13.10 Australian dollars a share, having dismissed Blackstone’s previous bid of $12.50 Australian dollars as not “compelling.”

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