Crown Resorts receives a new offer from Blackstone
Blackstone Group Inc. has increased its latest offer from AU$12.50 (US$9.11) to AU$13.10 (US$9.55) cash per share.
Australia.- Crown Resorts has announced through a press release it has received a new revised non-binding proposal from Blackstone Inc.
The company plans to acquire all of the shares in Crown by way of a scheme of arrangement at a price of AU$13.10 (US$9.55) cash per share.
This represents an increase of $0.60 cash per share compared to the previous offer price of AU$12.50 cash (US$9.11) made last November.
The company has revealed that the Crown Board considers that it is in the interests of Crown’s shareholders to engage further with Blackstone on a non-exclusive basis in relation to the Revised Proposal.
It then stated: “It is the Crown Board’s current unanimous intention to recommend that shareholders vote in favour of the proposal in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the proposed transaction is in the best interests of Crown shareholders.”
The statement added: “Crown will engage with relevant stakeholders including regulatory authorities and shareholders prior to the execution of any binding Implementation Agreement.”
Blackstone, which already has a 10 per cent holding in Crown, made its first offer last March offering AU$11.85 cash per share. In May 2021, it increased its original bid by AU$0.50 to AU$12.35.
