Blackstone, which already owns 10 per cent of Crown and is its second-biggest shareholder, lobbed a sweetened takeover offer of $12.50 cash per share, valuing the beleaguered casino group at $8.5 billion.
Crown chief executive Steve McCann said the group was considering the offer, which sent the casino giant’s shares soaring 16.57 per cent from $9.90 to $11.54, their highest level since July.
The US listed firm’s third attempt to buy Mr Packer’s gambling empire comes four weeks after a bruising report from the Victorian royal commission led by Raymond Finkelstein, QC, stopped just short of cancelling Crown Melbourne’s casino licence.
Mr Finkelstein “somewhat reluctantly” decided against recommending Crown be stripped of its licence despite unearthing “disgraceful” and “callous” behaviour, including allowing irresponsible gambling to flourish and facilitating money laundering by cashed-up VIPs, some linked to organised crime.
Read more/Source: Financial Review
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