Crown Resorts Rejects Blackstone Takeover Offer -- Update
2021年5月17日 - 9:19AM
Dow Jones News
By Mike Cherney
SYDNEY--Australian casino operator Crown Resorts Ltd. rejected a
takeover offer from U.S. private-equity firm Blackstone Group Inc.,
saying the proposal undervalued the company and presented too much
regulatory uncertainty.
Separately, Crown said it had asked rival Star Entertainment
Group Ltd. for more information on Star's proposal to merge with
Crown. Crown added its board had not yet decided whether to pursue
Star's offer.
Blackstone most recently offered 12.35 Australian dollars
(US$9.61) per share for Crown, increasing an earlier offer of
A$11.85 per share.
But Crown, which is facing multiple investigations from
Australian authorities into its business practices, said there is
significant uncertainty as to the timing and outcome of those
regulatory processes. Crown said that Blackstone's offer, which
included regulatory approval conditions, was therefore too
risky.
Crown also raised doubts on whether Blackstone's offer fully
accounted for its land, hotel and casino assets, the recent
investment in a new Sydney casino and the reduction in debt
expected to occur from the sale of apartments in its new Sydney
building. Crown had concerns about the timing of Blackstone's
proposal, given the Covid-19 pandemic has impacted its recent
financial performance.
Crown also said it was worried about the time frame involved in
implementing Blackstone's proposal and the low takeover premium
offered.
Star's merger proposal offered a combination of stock and cash
for Crown shares. Star said that its proposal valued Crown at more
than A$14 per share, but that assumes various merger benefits like
cost savings are included.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
May 16, 2021 20:04 ET (00:04 GMT)
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