(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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