Crown Resorts has confirmed an $8 billion takeover bid from American investment management company Blackstone.
The deal would see Blackstone acquire all of the shares in Crown for $11.85 cash per share – representing a premium of 19 per cent to the average price of Crown shares since the release of its 1H FY21 results.
Blackstone currently holds a 9.99 per cent interest in the casino operator, which was acquired for for $8.15 per share from Melco Resorts in April 2020.
In a statement to the ASX, Crown said the bid was still subject to due diligence and a unanimous recommendation from the board.
The offer comes as Crown continues to reel in the fallout of the NSW Bergin Inquiry, which found it had facilitated money laundering and did business with figures linked to organised crime – it was concluded the company was “unsuitable” to hold a casino licence in the state.
A mass overhaul of the company’s executive and board followed, with Crown chief executive Ken Barton stepping down.
Western Australia announced its own Royal Commission into Crown over allegations of junkets and facilitating money laundering, with interim findings expected to be delivered by June.