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Crown Resorts accepts Blackstone’s takeover bid

Crown Resorts accepts Blackstone’s takeover bid

Strong start of the week for the Melbourne-based casino operator

Crown Resorts has sealed terms for its $8.9 billion takeover by global private equity group Blackstone, paving the way for a new owner. Blackstone will purchase all the listed shares in Crown for $13.10 apiece. According to Ziggy Switkowski, Crown’s chair, the board unanimously recommended Blackstone’s offer. The chief executive – Steve McCann – said the price reflected the value of the casino’s assets and its reputation for premium service and experiences.

The deal came true almost a year after Blackstone’s first approach in March 2021, when it offered $11.85 a share, marking the fourth time when the equity giant improved its bid. Blackstone already has a stake of about 10%.

Currently, the transaction is subject to approval by the Foreign Investment Review Board and the gaming regulator.

Now, all eyes are on Crown Resort which is due to report its first-half results on Thursday.

After the news hit the wires, Crown Resorts stock price added 2%.

Sources: reuters.com, theguardian.com

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