US private equity group Blackstone has launched a takeover bid for Crown Resorts.

Crown Resorts announced this morning to the ASX it had received the “unsolicited, non-binding and indicative proposal” from Blackstone yesterday.

Under the proposal, Blackstone would acquire all Crown Resorts shares at a price of $11.85 per share. The arrangement would value Crown Resorts at $8 billion.

Blackstone currently owns 9.99 per cent of Crown shares, which it acquired in April 2020.

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Source: 9 News