Crown Resorts shareholders approve $6.3bn Blackstone takeover

The majority of shareholders in Crown Resorts have voted in favour of the takeover bid from Blackstone-backed SS Silver.

Australia.- Crown Resorts shareholders have today (Friday) approved a AUD8.9bn (US$6.36bn) buyout by Blackstone. The deal still requires approval from regulators in states where the casino operator has a presence.

At the shareholder meeting, 92.05 per cent of shareholders present voted in favour of the acquisition, and 99.91 per cent of the votes cast by shareholders were in favour.

Crown’s chairman, Ziggy Switkowski, said Blackstone expects to be vetted by the end of June but that both parties thought it was in the interests of shareholders to proceed with a vote as the shareholder meeting had already been delayed by three weeks.

Crown has a court hearing for approval of the scheme on May 24. However, as regulatory approvals are not expected to be finalised by this date, Crown will request an adjournment until June 6 to allow more time. Regulatory approval is required from New South Wales, Victoria and Western Australia.

In February, the board of Crown Resorts Ltd unanimously backed Blackstone Inc‘s offer. The board determined that the revenue multiples would be in line with other casino operators in Australia and the United States and more than casinos in New Zealand, Macau and Singapore.