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    Blackstone nears $6.5bn deal to buy James Packer’s Crown casino group

    Crown Resorts has agreed to participate in an exclusive takeover deal with Blackstone after a U.S. investment company has loosened its bid to buy an Australian casino operator for around A $ 8.9 billion (US $ 6.5 billion). ..

    The revised offer is A $ 13.10 per share and A $ 0.60 per share from a previous proposal made by Blackstone to acquire a business backed by Australian billionaire James Packer in November. , Or a total of around A $ 1 billion.

    The latest bids for Blackstone followed Multiple attempts Convince the Australian company’s board to accept the offer.

    The deal highlighted the interest of global investors in Australian assets, despite the Covid-19 pandemic.The market is One of the most active In the case of mergers and acquisitions over the past year, driven by cheap finance and private capital for listed assets, including carriers, airport And the money itself. This has raised the value of the transaction to record levels.

    The crown is Bidding war A small casino rival that has been pursuing a merger since May between Blackstone and the Star Entertainment Group.

    The star withdrew its interest in July when Australian officials said the Crown could lose its gambling license. Investigation of Money Laundering Accusations.. The threat was lifted in September after the investigation was completed and Stars expressed interest in reviving the A $ 12 billion merger proposal.

    Blackstone will complete due diligence in the next few days. If you decide to make a binding offer of A $ 13.10 or more per share, the bid will be unanimously accepted by the board of directors of the Australian company Crown. Said..

    “We recommend that shareholders vote in favor of the proposal, subject to an independent expert who concludes (and continues to conclude) that the proposed transaction is in Crown’s best interests without a good proposal. That is the current unanimous intention of the Crown Board. Shareholders. “

    The deal is up-to-date by Blackstone in the casino sector after private equity investors have agreed to acquire real estate assets from MGM at Bellagio Hotel & Casino in Las Vegas in 2019. $ 4.25 billion..

    Blackstone, which already owns 9.99% of the Crown, has since moved to acquire the entire company. Controlled by Australian regulatory agencies Last year, Crown was unfit to run a new A $ 2.2 billion casino resort in Sydney due to concerns about money laundering and poor corporate governance.

    Packer, who owns more than one-third of the company’s stake, resigned from Crown’s board in 2018 because of mental health issues. Since then, government-consigned investigations have stated that in the best interests of the company, he must stop “remote control” operations.

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