The Federal Court of Australia has given the deal the final approval required.<\/p>\n\n\n\n\n\n\n\n
Australia.- Blackstone Inc’s acquisition of Crown Resorts is to go ahead. It’s now gained the final approval needed from the Federal Court of Australia<\/strong>.\u00a0Crown Resorts said it expects to lodge an office copy of the Court orders with the Australian Securities and Investments Commission today (June 15), at which point the takeover will become legally effective.\u00a0<\/p>\n\n\n\n Crown will request that quotation of Crown shares on the ASX be suspended from close of trading today.\u00a0<\/p>\n\n\n\n The court’s decision was the final approval that Blackstone and Crown needed following approval by the governments of\u00a0Western Australia, Victoria<\/a>\u00a0and\u00a0New South Wales<\/a>.<\/p>\n\n\n\n Under the takeover deal, Blackstone will pay Crown shareholders $13.10 cash per Crown share<\/strong>\u00a0held at 7pm on June 17. The expected implementation date is June 24.<\/p>\n\n\n\n Rev. Tim Costello, the Alliance for Gambling Reform\u2019s chief advocate, has warned that Blackstone would be “less accountable than Crown Resorts.”<\/p>\n\n\n\n Costello stated: \u201cAs a foreign-owned private equity company, Blackstone will not hold annual general meetings and now that Crown\u2019s Chinese high-roller business has collapsed it will seek to recoup lost income from its poker machines.”<\/p>\n\n\n\n He added: \u201cThis decision poses great risk to the community and reflects a failure to heed the lessons of the Royal Commission. It will now be up to this government to have strong and transparent protections in place.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The Federal Court of Australia has given the deal the final approval required.<\/p>\n","protected":false},"author":176,"featured_media":14929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Blackstone Inc.'s acquisition of Crown Resorts has received final approval from the Federal Court of Australia, clearing the path for the A$8.9 billion takeover. The deal is expected to become legally effective today, with Crown shares to be suspended from the ASX, despite opposition from the Alliance for Gambling Reform citing concerns over accountability and potential revenue recoupment from poker machines.","focusai_entities":"Blackstone Inc., Crown Resorts, Federal Court of Australia, Australian Securities and Investments Commission, Alliance for Gambling Reform, Rev. Tim Costello","focusai_location":"Australia, Western Australia, Victoria, New South Wales","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Post-Acquisition Governance?","query":"What specific governance frameworks and regulatory oversight mechanisms will be implemented to address the Alliance for Gambling Reform's concerns regarding Blackstone's accountability as a foreign-owned private equity firm?"},{"label":"Operational Strategy Shift?","query":"How might Blackstone's ownership influence Crown Resorts' operational strategy, particularly concerning its gaming verticals and potential shifts in revenue generation post-collapse of the Chinese high-roller business?"}],"footnotes":""},"categories":[16336,156,158],"tags":[16237,14657],"class_list":["post-30803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","category-slider-home","tag-blackstone-group","tag-crown-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30803","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=30803"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30803\/revisions"}],"predecessor-version":[{"id":30806,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/30803\/revisions\/30806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14929"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=30803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=30803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=30803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Alliance for Gambling Reform opposes Crown Resorts takeover<\/h2>\n\n\n\n