Australia’s biggest casino operator, Crown Resorts, said on Thursday its board was likely to back an improved A$8.87bn buyout proposal from US private equity firm Blackstone unless a higher offer emerged.
A person with direct knowledge of the matter said the near 5% price rise agreed after initial due diligence was supported by major investors, including founder James Packer, who collectively own about 60% of Crown stock. “CPH will review all documents released to the market by Crown Resorts relating to a binding control transaction prior to making a decision regarding its shareholding,” it said.
After the latest offer, the casino operator said it will engage with Blackstone on a non-exclusive basis and give the investment manager the opportunity to finalise due diligence. “The increase in offer price is a welcome step in the right direction and we are supportive of the board continuing a push for an appropriate firm offer for shareholders,” he said.
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