Blackstone Sweetens Proposal for Australia's Crown Resorts
2022年1月13日 - 7:45AM
Dow Jones News
By Rhiannon Hoyle
Troubled Australian casino operator Crown Resorts Ltd. said it
received a sweetened takeover proposal from Blackstone Group Inc.
that its directors would likely unanimously recommend if the U.S.
investment firm were to make a binding offer.
Crown on Thursday said it received the revised nonbinding
proposal from Blackstone for 13.10 Australian dollars ($9.54) per
share in cash, an increase from the A$12.50 a share Blackstone
offered in November and Crown later rejected as too low.
After dismissing its last bid, Crown offered Blackstone, which
owns about 10% of Crown shares, the opportunity to undertake
initial due diligence to reconsider its proposal.
"Blackstone has made the revised proposal after considering
nonpublic information provided by Crown during initial due
diligence," the Australian company said.
Crown said its directors viewed nonexclusive engagement with
Blackstone in the interests of its shareholders and that it would
allow Blackstone to finalize its due diligence inquiries and
negotiate the terms of an implementation agreement. Should
Blackstone make a binding offer of A$13.10 a share or more, Crown
directors currently intend to unanimously recommend shareholders
accept the proposal.
Blackstone has made several takeover bids for Crown, starting
with an A$11.85-per-share offer in March. Blackstone already has
real-estate assets in Australia and a gaming footprint in other
countries.
Crown has faced regulatory scrutiny recently over its business
practices that has raised questions about its ability to continue
operating its casinos.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 12, 2022 17:30 ET (22:30 GMT)
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