Crown Resorts agrees to $9bn takeover by Blackstone
Casinos and gaming company Crown Resorts has sealed terms for its $8.9bn takeover by global private equity group Blackstone.
Under the deal, Blackstone will buy all of the listed shares in Crown for $13.10 each.
This compares with a closing price of $12.39 on Friday, when it was valued at $8.4bn.
Crown’s chair, Ziggy Switkowski, said the board unanimously recommended Blackstone’s offer, subject to certain conditions including that no better offer emerged.
“The all-cash offer provides shareholders with certainty of value,” he said on Monday.
The chief executive, Steve McCann, said the price reflected the value of Crown’s assets and its global reputation for premium service and experiences.
“The agreement with Blackstone also highlights the strength of the Crown brand and confidence in our future as we emerge from some challenging times,” he said.
Blackstone first approached Crown in March 2021, when it offered $11.85 a share.
The transaction is subject to approval by the Foreign Investment Review Board and the gaming regulator, pending receipt by the board of an independent expert report concluding the offer is in the best interests of shareholders.
James Packer’s Consolidated Press Holdings is the biggest shareholder with a 36.8% stake.
Blackstone already has a stake of about 10%.
Crown is due to release its first-half results on Thursday.
Read more on theguardian.com
