Billionaire James Packer’s Consolidated Press Holdings (CPH) said on Tuesday it was open to considering private equity firm Blackstone Group Inc’s A$8.02 billion ($6.13 billion) proposal to buy Australian casino operator Crown Resorts Ltd.

Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.

Packer is expected to receive about A$2.9 billion from the Blackstone deal.

Read more at Reuters

By Sameer Manekar and Uttaresh.V Source