Australia’s biggest casino operator, Crown Resorts Ltd, said on Thursday its board was likely to back an improved A$8.87 billion ($6.46 billion) buyout proposal from U.S. private equity firm Blackstone Inc unless a higher offer emerged.
Crown received a fourth non-binding offer of A$13.10 a share, having dismissed Blackstone’s previous bid of A$12.50 as not “compelling.
Investment manager Perpetual, Crown’s third-largest shareholder with a 9.2% stake, said it was in favour of the revised proposal in the absence of a better offer.
Read more/Source: Reuters
