Crown Resorts (ASX:CWN) receives $8 billion takeover bid

Company News

by Michael Luu

Under-pressure Crown Resorts (ASX:CWN) has officially confirmed that American investment business Blackstone has submitted an $8 billion takeover bid to acquire the Australian casino operator.

Under the offer, Blackstone will pay an indicative price of $11.85 for every Crown share. This equates to a 19 per-cent increase from Crown shares’ volume-weighted average price since the company’s half-year results for FY21 was released. Several conditions are attached to the offer, including due diligence, a unanimous Crown board recommendation and legal assurance that Blackstone-owned Crown’s casino licences for Sydney, Melbourne and Perth will be approved. The gaming and entertainment corporation indicates that the offer is now under board review.

Shares in Crown resorts (ASX:CWN) are trading 17.65 per cent higher at $11.60