Crown Resorts opens the door to a Blackstone takeover
CNN
Australia's biggest casino operator, Crown Resorts, said on Thursday its board was likely to back an improved 8.87 billion Australian dollars ($6.46 billion) buyout proposal from US private equity firm Blackstone unless a higher offer emerged.
Crown received a fourth non-binding offer of 13.10 Australian dollars a share, having dismissed Blackstone's (BX) previous bid of $12.50 Australian dollars as not "compelling."
The revised offer puts Blackstone in the box seat to win control of Crown, which has faced devastating misconduct inquiries in every state it operates in, while protracted Covid-19 lockdown measures have caused a drop in visitors.
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