Blackstone has boosted its proposal to purchase Crown Resorts, enhancing the agreement for the Australian gaming company. Crown disclosed that the investment firm has elevated its bid to A$13.10 per share, rising from the prior A$12.50. This appraises Crown at a substantial A$8.9 billion.
Blackstone, which currently possesses a 10% interest in Crown, appears resolute in finalizing the transaction.
Crown’s directors, following discussions with their counsel, deem it to be in the optimal interest of their investors to carefully contemplate this revised proposition. They have consented to additional, non-exclusive negotiations with Blackstone.
Fundamentally, Crown’s board is indicating their willingness to endorse the arrangement to their shareholders if Blackstone formalizes this proposal, barring the emergence of a superior one. Naturally, this hinges on regulatory authorizations and the agreement being deemed advantageous for Crown’s stakeholders by autonomous specialists.
The initial proposition, presented in November, and the updated version maintain identical stipulations. These encompass comprehensive scrutiny, complete backing from Crown Resorts’ governing body, and a positive assessment. Furthermore, Blackstone requires approval from gaming authorities in Victoria, New South Wales, and Western Australia.
Crown Resorts issued a communication stating, “There is no certainty that these discussions with Blackstone will result in an alteration of proprietorship or a bid agreeable to Crown stakeholders.”
The communication added, “The Crown board is dedicated to optimizing shareholder worth and will meticulously evaluate any proposition that corresponds with this objective.”
