Oaktree makes US$2.32bn offer for James Packer’s Crown shares

Packer has said he is open to selling his 37 per cent stake in Crown Resorts.
Packer has said he is open to selling his 37 per cent stake in Crown Resorts.

Crown Resorts has received an AU$3bn (US$2.32bn) offer from Oaktree Capital Management to acquire the 37 per cent stake owned by James Packer.

Australia.- Oaktree Capital Management has made an unsolicited non-binding offer to acquire some or all of the Crown shares owned by James Packer through his private company Consolidated Press Holdings (CPH).

Packer had said that he is open to selling his 37 per cent stake in the casino group, hiring investment bankers Moelis Australia to advise on any potential deal.

New South Wales’ regulator had advised that Packer should take a step back from Crown Resorts to help the casino operator retain its licence for its new casino in Sydney following an inquiry into money laundering failings and business practices.

Crown Resorts said that any selective buy-back of Crown shares held by Consolidated Press Holdings would be subject to Crown shareholder approval.

The company said the board has not yet formed a view on the merits of the Oaktree proposal and that it will commence an assessment.

In March, Crown Resorts received an unsolicited non-binding offer from the Blackstone Group to acquire the company for AU$11.85 cash per share. Blackstone already has a 10 per cent holding in the casino operator.

Western Australia’s Royal Commission has started to investigate Crown Resorts’ suitability to continue holding a casino gaming licence for Crown Perth.

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Blackstone Group Crown Resorts Oaktree