Echo Entertainment Group Limited (ASX:EGP) has confirmed that Crown Limited (ASX:CWN) holds a 9.2 per cent relevant interest in the rival gaming company.
After the market closed yesterday Echo said Crown became a substantial shareholder on March 2, 2012.
Crown’s derivative-based share purchase is expected to see the company take control of the Echo shares today or tomorrow.
Crown will pay Deutsche Bank $254 million on settlement of the equity derivative contract.
In the first half of its 2012 financial year Echo reported a net profit of $70.2 million.
