The majority of shareholders in Crown Resorts have voted in favour of the takeover bid from Blackstone-backed SS Silver.<\/p>\n\n\n\n\n\n\n\n
Australia.- Crown Resorts<\/strong> shareholders have today (Friday) approved a AUD8.9bn (US$6.36bn) buyout by Blackstone<\/a>. The deal still requires approval from regulators<\/a> in states where the casino operator has a presence.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Crown\u2019s chairman, Ziggy Switkowski<\/strong>, 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.<\/p>\n\n\n\n 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<\/strong> to allow more time. Regulatory approval is required from New South Wales, Victoria <\/strong>and Western Australia<\/strong>.<\/p>\n\n\n\n In February, the board of\u00a0Crown Resorts Ltd<\/strong>\u00a0unanimously backed Blackstone Inc<\/strong>\u2018s offer. The board determined that\u00a0the revenue multiples would be in line with other casino operators<\/strong>\u00a0in Australia and the United States and more than casinos in New Zealand, Macau and Singapore.<\/p>\n","protected":false},"excerpt":{"rendered":" The majority of shareholders in Crown Resorts have voted in favour of the takeover bid from Blackstone-backed SS Silver.<\/p>\n","protected":false},"author":226,"featured_media":25855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Crown Resorts shareholders have overwhelmingly approved Blackstone's AUD8.9bn takeover bid, a significant step towards the acquisition. The deal's finalization remains contingent upon securing regulatory approvals from New South Wales, Victoria, and Western Australia, with a court hearing for scheme approval scheduled for May 24, likely requiring an adjournment.","focusai_entities":"Crown Resorts, Blackstone, SS Silver, Ziggy Switkowski","focusai_location":"Australia, New South Wales, Victoria, Western Australia, United States, New Zealand, Macau, Singapore","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Regulatory Approval Timeline","query":"What specific regulatory conditions or undertakings are anticipated from New South Wales, Victoria, and Western Australia that could impact the final approval timeline or operational parameters post-acquisition?"},{"label":"Valuation Multiples Analysis","query":"How do the revenue multiples achieved in the Blackstone acquisition of Crown Resorts compare to recent M&A transactions for integrated resorts in other regulated markets, particularly in light of ongoing regulatory scrutiny?"}],"footnotes":""},"categories":[16336,157,158],"tags":[14657],"class_list":["post-30000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","category-slider-home","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=30000"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30000\/revisions"}],"predecessor-version":[{"id":30024,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30000\/revisions\/30024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25855"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}