Final hearing on Blackstone’s acquisition of Crown expected in June

Crown Resorts shareholders have approved Blackstone's takeover.
Crown Resorts shareholders have approved Blackstone's takeover.

A hearing scheduled for this week was suspended but Crown Resorts expects a new date early next month.

Australia.- The acquisition of Crown Resorts by Blackstone is nearly complete with only a few administrative procedures to go ahead. The company must present a series of documents before the Federal Court of Australia to validate the purchase.

Last week, 92.05 per cent of Crown Resorts’ shareholders voted in favour of the deal. The court then set a hearing for May 24 in order to analyse the documents and approve the transfer, but the hearing was suspended. Crown Resorts said it will publish the new hearing date on its website but hopes it will take place in the week beginning June 6.

The company stated: “The date of the final hearing depends on when the condition precedent relating to Blackstone obtaining gaming regulatory approvals is satisfied.”

In February, after months of negotiations, the board of Crown Resorts Ltd unanimously backed investment firm Blackstone Inc‘s offer to acquire all the shares of Crown Resorts in a deal that values the firm at AUD8.9bn (US$6.36bn).

The offer was the fourth that Blackstone had made in 12 months. It had previously offered AUD11.85 per share in March last year and AUD12.35 per share in May 2021

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Blackstone Group Crown Resorts