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Australia’s Crown Resorts receives $6.2 billion buyout offer from Blackstone

Stock Markets31 minutes ago (Mar 21, 2021 05:40PM ET)

(C) Reuters. FILE PHOTO: The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia

(Reuters) – Casino operator Crown Resorts Ltd said on Monday it received a buyout offer from private equity company Blackstone Group (NYSE:BX) Inc that values the company at A$8.02 billion ($6.19 billion).

The offer was priced at A$11.85 per share, a premium of 20.2% to Crown’s closing price of A$9.86 on Friday.

Crown said its board had not yet formed a view on the merits of the proposal.

Blackstone currently has a 10% stake in Crown which it bought from Macau’s Melco Resorts & Entertainment (NASDAQ:MLCO) Ltd in April last year, making it the second-largest holder in Crown after the company’s billionaire founder James Packer.

($1 = 1.2967 Australian dollars)

Australia’s Crown Resorts receives $6.2 billion buyout offer from Blackstone

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