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    Home»Deals»Crown spurns $6.5 billion Blackstone bid, seeks more information from Star
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    Crown spurns $6.5 billion Blackstone bid, seeks more information from Star

    May 17, 20211 Min Read
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    A sign stands outside the offices of Blackstone Group LP in the Plateau de Kirchberg district of Luxembourg, on Monday, July 15, 2019. Brexit has made Luxembourg a favorite EU hub for insurers, funds and asset managers to relocate to from the U.K. Moves include those by insurance giant American International Group Inc., private-equity firm Blackstone, RSA Insurance Group Plc, U.S. insurer FM Global, Lloyd's of London insurer Hiscox Plc and asset manager M&G Investments. Photographer: Geert Vanden Wijngaert/Bloomberg
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    Australia’s troubled casino operator Crown Resorts on Monday rejected an all-cash $6.5 billion buyout proposal from Blackstone Group as too low, but said it was seeking more information from rival suitor Star Entertainment Group.

    Crown said while it had considered a range of scenarios given regulatory enquiries, the U.S. private equity giant’s offer of A$12.35 per share or A$8.4 billion did not take into account the full value of its assets, a potential jump in earnings once the pandemic eases and plans to pay down a significant amount of debt.

    In contrast to Blackstone, Star has made an all-stock offer that it argues values Crown in excess of A$14 per Crown share or A$9 billion.

    Read more at Reuters

    By Paulina Duran

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    Mergers and acquisitions
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