Crown (ASX:CWN) agrees to Blackstone's 8.9bn takeover bid

Company News

by Lauren Evans

Crown Resorts (ASX:CWN) has accepted an $8.9 billion takeover offer from US investment firm Blackstone, following its latest bid. 

The casino giant has entered a scheme implementation deed, under which Blackstone will acquire all shares in Crown for $13.10 cash per share. The price represents an increase of $0.60 compared to the previous offer price of $12.50 cash per share announced in November last year. 

Crown's board unanimously recommend that shareholders vote in favour of the scheme.

“The board has fully considered the Blackstone transaction and unanimously recommends the proposal, subject to customary conditions such as an independent expert concluding the transaction is in the best interests of Crown shareholders and there being no superior proposal.”

"When considering any proposal, the Crown Board has consistently stated it is committed to maximising value for Crown shareholders. The Crown board and management have made good progress in addressing a number of significant challenges and issues emerging from the Covid-19 pandemic and various regulatory processes."

“Nevertheless, uncertainty remains and having regard to those circumstances and the underlying value of Crown we believe the Blackstone Transaction represents an attractive outcome for shareholders. The all-cash offer provides shareholders with certainty of value."

Shares in Crown Resorts (ASX:CWN) are trading 2.1 per cent higher at $12.65. 
 

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