By David Winning

SYDNEY--Crown Resorts Ltd. said it is a takeover target of Blackstone Group Inc., which has made a buyout proposal valuing the casino operator at 8.02 billion Australian dollars (US$6.19 billion).

Crown said Blackstone's proposal is worth A$11.85 a share in cash, representing a premium of around 20% on its closing price on Friday. Blackstone already owns 9.99% of the company.

Crown said the proposal was conditional on regulatory confirmation that a Blackstone-owned Crown is considered suitable to own and operate the Sydney, Melbourne and Perth casino licenses.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

March 21, 2021 17:42 ET (21:42 GMT)

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