Crown receives new takeover offer from Blackstone

Casino giant Crown Resorts has received a fresh takeover offer from its second largest shareholder, US private equity group Blackstone, which has offered $12.50 a share for the James Packer-backed group.

Crown, whose shares closed at $9.90 on Thursday, said on Friday morning it was assessing the proposal which follows earlier offers from Blackstone of $11.85 in March and $12.35 in May.

Blackstone has made a fresh takeover offer for Crown. Credit:Jason South

“The Crown Board has not yet formed a view on the merits of the proposal,” the company said in a statement to the ASX. “There is no certainty that the proposal will result in a transaction”.

Blackstone already owns 10 per cent of Crown.

Crown has been through a tortuous two years which have included its senior executives being grilled at public inquiries in three states over its infiltration by money launderers and organised crime, and its approach to gambling addiction.

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A NSW inquiry suspended the casino licence for Crown’s new Sydney resort in January, and a Victorian royal commission ruled last month that the group was unfit to hold a licence. Crown has been permitted to continue to run its Melbourne casino under government supervision, however.

A WA royal commission into Crown’s Perth casino is set to report its findings in March 2022.

More to come

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