Gambling giant Crown accepts Blackstone takeover offer

Australian casino giant Crown Resorts said Monday it will ask shareholders to approve an Aus$8.9 billion (US$6.4 billion) takeover offer from Blackstone, after months of negotiation with the US private equity firm.

If accepted, the deal will spell the end of Australian billionaire James Packer’s two decades as Crown’s major shareholder — a period defined by dramatic success, international expansion and, ultimately, serious questions about Crown’s links to money laundering and organised crime.

Blackstone is offering Aus$13.10 cash per share, a deal Crown’s board has unanimously recommended to shareholders who will be asked to approve in a vote expected by mid-year.

Crown’s Chairman Ziggy Switkowski noted the deal is “11 per cent higher than the initial offer from Blackstone almost a year ago”.

Blackstone first approached Crown in March 2021 with an unsolicited proposal of Aus$11.85 cash per share.

The offer came a month after a dramatic inquiry found Crown had facilitated money laundering through its Melbourne and Perth casinos and confirmed high-roller junket operators had organised crime links –- leading the inquiry to deem Crown unfit to hold a gambling license in New South Wales.

Source: https://www.macaubusiness.com/gambling-giant-crown-accepts-blackstone-takeover-offer/