Blackstone Sweetens Offer for Crown Resorts in Pursuit of Australian Gaming Giant

Blackstone Group has increased their proposal to purchase Crown Resorts, making the agreement more appealing for the Australian gaming company. The current proposition stands at $13.10 Australian dollars per share, assessing Crown at approximately $9.55 billion in US currency. This signifies an increase from their initial offer in November and underscores Blackstone’s dedication to securing the company. Blackstone already possesses a 10% ownership in Crown.

Crown’s directors, following discussions with financial and legal experts, deem it advantageous for their stakeholders to proceed with discussions with Blackstone. They are poised to endorse the transaction to shareholders, subject to a finalized contract and verification that it is beneficial to them. Naturally, this hinges on the absence of a more favorable offer surfacing.

Blackstone’s November bid for Crown Resorts remains active, yet several obstacles must be overcome before finalization. Blackstone requires completion of its due diligence, approval from Crown’s directors, and clearance from regulatory bodies in Victoria, New South Wales, and Western Australia – the locations of Crown’s casino operations.

Crown Resorts released a communication confirming the continuing negotiations but highlighted that a finalized agreement is not assured, nor is shareholder acceptance of any Blackstone offer guaranteed.

The communication reaffirmed the dedication of Crown’s board to optimizing shareholder worth and pledged careful consideration of any proposition aligned with that goal.