Blackstone has increased its bid to purchase the Australian casino company Crown Resorts, presenting a transaction worth approximately $8.5 billion.
The American private equity firm’s newest proposition is for A$12.50 per share, surpassing its prior offers of A$11.85 and A$12.35 submitted in March and May, correspondingly.
Blackstone’s proposal hinges on several elements, encompassing a timeframe for exclusive due diligence, endorsement from its investment committee, and a unified recommendation from Crown’s board of directors. The agreement would also necessitate regulatory clearances, including gaming permits.
Crown Resorts confirmed the offer, indicating that its board has not yet reached a conclusion on its merits and will meticulously evaluate the proposition’s worth and terms. The corporation also intends to engage with pertinent stakeholders, including regulatory bodies.
Investors in Crown Resorts are advised to take no action regarding the current proposition. The successful completion of the bid by Blackstone remains uncertain.
Furthermore, the firm indicated that Blackstone requires approval from gaming authorities in Victoria, New South Wales, and Western Australia before any agreement is reached. Blackstone has reportedly initiated communication with these regulatory bodies.
admin