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