Crown receives unsolicited and non-binding proposal from Blackstone

Crown Resorts has received an unsolicited and non-binding proposal from a company on behalf of funds managed and advised by Blackstone Inc

Crown Resorts has received an unsolicited and non-binding proposition from a society on behalf of cash in hand managed and advised past Blackstone Inc. and its affiliates.

The proposal involves acquiring all of the shares inwards Crown at a price of AU$12.50 (US$9.11) hard cash per share, with the extend damage to follow reduced by the value of any dividends or distributions declared or paid by Crown.

It follows previous acquisition proposals made by Blackstone of AU$11.85 immediate payment per deal and AU$12.35 hard currency per apportion on 22 March 2021 and 10 May 2021 respectively.

The proposition is case to several conditions, including Blackstone conducting due diligence on Crown on an scoop basis, as intimately as the former receiving net favourable reception from its investment funds committees.

It also requires a unanimous Crown Board recommendation and a committal from all society directors to vote inward favour of the proposal, and the instruction execution of a book binding Implementation Agreement incorporating various terms and conditions, including regulatory approvals and casino licences.

“The Crown Board has not yet formed a consider on the merits of the Proposal,” a financial statement from Crown read. “It testament now assess the Proposal, having regard to the economic value and terms of the Proposal and other considerations. It will also wage with relevant stakeholders including regulatory authorities.

“Crown shareholders perform not demand to submit any process inward telling to the Proposal at this stage. There is no more sure thing that the Proposal testament termination inwards a transaction.”

The manipulator added that any acquisition would follow conditional on Blackstone receiving net favourable reception from regulators in Victoria, New South Cambria and Western Australia. Blackstone has already meshed with these regulators inward recounting to this issue.