Blackstone has offered Aus$11.85 for each share in Crown for 90.1% of shares it does not currently own. Crown is currently reviewing the proposal and conducting an assessment of the offer.
Crown has appointed UBS as financial adviser and Allens as legal adviser for the acquisition proposal.
The private equity group already owns a 9.99% holding in Crown, having acquired the stake from Melco Resorts & Entertainment Limited in April 2020.
This acquisition proposal follows a previous deal with Melco, which led to an inquiry by the New South Wales Independent Liquor & Gaming Authority.
The inquiry found evidence of money laundering, and that Crown was not a suitable holder of the Barangaroo licence.
Recommendations from the Authority include avoiding dealing with unlicensed junkets and implementing changes to the company’s board structure.
Crown’s shareholders are advised to await further developments and have been informed that there is no guarantee the offer will lead to a transaction.
