James Packer’s Crown Resorts Accepts Blackstone’s $6.3 Billion Takeover Offer

Crown Resorts—controlled by Australian billionaire James Packer—said Monday it had accepted Blackstone Group’s A$8.9 billion ($6.3 billion) takeover offer for the Melbourne-based casino operator.

“The board has fully considered the Blackstone transaction and unanimously recommends the proposal, subject to customary conditions such as an independent expert concluding the transaction is in the best interests of Crown shareholders and there being no superior proposal,” Crown chairman Ziggy Switkowski said in a statement.

The company backed the bid after Blackstone raised its offer to A$13.10 a share last month. This is the fourth time the U.S. private equity giant improved its offer since making an offer in March. The transaction will be submitted to a shareholder vote in the second quarter, it said.

Read full article.  https://www.forbes.com/sites/jonathanburgos/2022/02/13/billionaire-james-packers-crown-resorts-accepts-blackstones-63-billion-takeover-offer/?sh=568acd55393d