By Mike Cherney
SYDNEY–Australian on line casino operator Crown Resorts Ltd. stated Monday it has agreed to a takeover proposal from U.S. funding agency Blackstone Inc. that values the corporate’s fairness at 8.9 billion Australian {dollars} (US$6.3 billion).
Below the phrases of the deal, shareholders will obtain A$13.10 money per share. The takeover is topic to varied situations and approvals, together with a shareholder vote which is anticipated within the second quarter of calendar 12 months 2022.
Blackstone has been attempting to purchase Crown for almost a 12 months, initially providing A$11.85 per share for the corporate in March 2021. Blackstone raised its supply a number of occasions, and Crown stated the present supply represents a 32% premium to the closing worth of its shares on Nov. 18, earlier than Blackstone raised its supply to A$12.50.
Crown, which counts billionaire James Packer as a significant shareholder, has been the topic of quite a few regulatory investigations just lately which have questioned its enterprise practices. Crown Chairman Ziggy Switkowski stated though the corporate has made progress in addressing these points, the Blackstone transaction is a lovely consequence for shareholders.
“The all-cash supply offers shareholders with certainty of worth,” he stated.
Write to Mike Cherney at [email protected]
Source: MarketWatch.com
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