Investment powerhouse and long-time major Crown Resorts shareholder Perpetual has thrown its support behind private equity giant Blackstone’s proposed $8.87 billion buyout of the bruised casino group, in a sign shareholders are likely back the deal.
“Perpetual looks forward to a binding transaction being executed and unless a superior proposal is presented, is in favour of the transaction,” Perpetual’s head of equities Paul Skamvougeras said. Forager Funds chief investment officer Steve Johnson said the deal was “definitely getting closer to the end game”.
Crown has given Blackstone due diligence on a non-exclusive basis, leaving the door open to rival bidder such as Sydney rival The Star Entertainment Group, which proposed a $12 billion merger between the two ASX-listed groups.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crown Resorts, miners, lead Australian shares to 0.5pc gainThe S&P/ASX 200 Index added 35.5 points to 7474.4 points. Crown closed at $12.65, up 8.8 per cent, and Rio Tinto 4.1 per cent to $111.70.
Source: FinancialReview - 🏆 2. / 90 Read more »
Crown Resorts, miners, lead Australian shares to 0.5pc gainThe S&P/ASX 200 Index added 35.5 points to 7474.4 points. Crown closed at $12.65, up 8.8 per cent, and Rio Tinto 4.1 per cent to $111.70.
Source: FinancialReview - 🏆 2. / 90 Read more »
Crown surrenders in the face of private equity giant’s persistenceBlackstone’s fourth offer in less than a year has drawn Crown’s support. There is no guarantee, however, that shareholders will receive the $8.8 billion the US private equity group has foreshadowed.
Source: brisbanetimes - 🏆 13. / 67 Read more »
Blackstone lifts Crown bid to $8.9bBlackstone has increased its takeover offer for Crown Resorts to nearly $8.9 billion after being granted a closer look at the gaming giant’s books.
Source: FinancialReview - 🏆 2. / 90 Read more »
Packer set for $3.3b payday in bittersweet Crown exitGaming billionaire James Packer looks set to walk away with about $3.3 billion in cash and end a 20-year involvement with the Crown Resorts, as a result of a Crown board’s nod to Blackstone’s $8.9 billion takeover offer.
Source: FinancialReview - 🏆 2. / 90 Read more »
Blackstone lifts Crown bid to $8.9bBlackstone has increased its takeover offer for Crown Resorts to nearly $8.9 billion after being granted a closer look at the gaming giant’s books.
Source: FinancialReview - 🏆 2. / 90 Read more »