Australia’s Crown Resorts agrees to $6.three billion takeover by Blackstone

SYDNEY — Australian on line casino operator Crown Resorts Ltd. stated Monday it has agreed to a takeover proposal from U.S. funding agency Blackstone Inc. that values the corporate’s fairness at 8.9 billion Australian {dollars} (US$6.three billion).

Below the phrases of the deal, shareholders will obtain A$13.10 money per share. The takeover is topic to numerous circumstances and approvals, together with a shareholder vote which is predicted within the second quarter of calendar yr 2022.

Blackstone
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has been making an attempt to purchase Crown
CWN,
-0.16%

for almost a yr, initially providing A$11.85 per share for the corporate in March 2021. Blackstone raised its supply a number of occasions, and Crown stated the present supply represents a 32% premium to the closing worth of its shares on Nov. 18, earlier than Blackstone raised its supply to A$12.50.

Crown, which counts billionaire James Packer as a serious shareholder, has been the topic of quite a few regulatory investigations just lately which have questioned its enterprise practices. Crown Chairman Ziggy Switkowski stated though the corporate has made progress in addressing these points, the Blackstone transaction is a pretty end result for shareholders.

“The all-cash supply offers shareholders with certainty of worth,” he stated.

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