An Australian gaming company, Crown Resorts, just got a new buyout proposal from Blackstone, an American private equity group. Blackstone’s first offer, presented in March, assessed Crown at A$11.85 per share (roughly US$9.01).
The updated proposal still relies on several factors, particularly regulatory consent for Blackstone to manage casinos in the regions where Crown has locations: Sydney, Melbourne, and Perth. Crown has stressed that Blackstone requires authorization from all pertinent gaming authorities in these areas before any agreement can be concluded. This clearance procedure is anticipated to continue into the third quarter of 2021.
Further complicating matters, Crown itself is facing examination. The corporation must guarantee that none of its gaming permits are in danger of being withdrawn or put on hold in Western Australia, Victoria, or New South Wales. Crown’s directors are presently evaluating the modified proposal.
Blackstone has entered the bidding war for Crown Resorts, the Australian casino behemoth embroiled in controversy following allegations of financial misconduct and dubious operational procedures.
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