{"id":273,"date":"2024-06-28T09:22:09","date_gmt":"2024-06-28T06:22:09","guid":{"rendered":"https:\/\/paydaycasinonodepositbonus.icu\/2024\/06\/28\/blackstone-boosts-crown-resorts-bid-to-88-7-billion\/"},"modified":"2024-06-28T09:22:09","modified_gmt":"2024-06-28T06:22:09","slug":"blackstone-boosts-crown-resorts-bid-to-88-7-billion","status":"publish","type":"post","link":"https:\/\/paydaycasinonodepositbonus.icu\/2024\/06\/28\/blackstone-boosts-crown-resorts-bid-to-88-7-billion\/","title":{"rendered":"Blackstone Boosts Crown Resorts Bid to $88.7 Billion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/XD2pujiDLh8\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Blackstone Group has advanced in its attempt to take over Crown Resorts, boosting its proposition to roughly A$88.7 billion (US$64.6 billion).<\/p>\n<p>Blackstone has modified its bid, proposing to purchase Crown shares for $13.10 per share in cash, a $0.60 increase from its previous proposition of $12.50 per share. This proposition was declined by Crown in November 2021.<\/p>\n<p>At that time, Crown stated the proposition lacked &#8220;compelling worth&#8221; but invited Blackstone to present a new suggestion.<\/p>\n<p>Crown also granted Blackstone access to confidential information so that it could perform preliminary due diligence on a non-exclusive basis to formulate a new suggestion that would &#8220;completely reflect the value of [the business].&#8221;<\/p>\n<p>After evaluating the new proposition, the Crown board believes it is in the best interests of its stakeholders to engage in further non-exclusive talks with Blackstone. Consequently, it will provide Blackstone the opportunity to finalize due diligence and negotiate the terms of an implementation agreement so that Blackstone can make a binding proposition. <\/p>\n<p>Crown Resorts has declared that its governing body would unanimously suggest to investors to accept a takeover proposition from Blackstone if the private equity firm presents a cash offer of at least $13.10 per share and all other requirements are fulfilled.<\/p>\n<p>The most recent proposition is subject to the same stipulations as prior bids, including final authorization from gambling regulators in Victoria, New South Wales, and Western Australia.<\/p>\n<p>Crown highlighted that it cannot be sure if discussions with Blackstone will lead to a change of control transaction, or if a takeover offer will be made that is satisfactory to Crown investors.<\/p>\n<p>Blackstone was previously turned down twice by Crown for its takeover propositions. The first was a cash offer of $11.85 per share in March 2021. Blackstone then increased its offer to $12.35 but was again rejected, with Crown arguing that the bid undervalued its operations.<\/p>\n<p>Crown has also attracted interest from several other companies, including a merger proposition from rival operator Star Entertainment Group to create a combined operation valued at approximately $12 billion. However, Star Entertainment withdrew its proposition due to concerns about Crown&#8217;s ongoing regulatory process in Victoria.<\/p>\n<p>Alternative investment management firm Oaktree Capital Management made a proposition to provide up to $3 billion for a share buyback program, which it later raised to $3.1 billion. <\/p>\n<p>Blackstone&#8217;s proposition entails a pact that tackles Crown&#8217;s regulatory issues in Victoria, Western Australia, and New South Wales. This encompasses stipulations pertaining to judicial and gambling authority endorsements.<\/p>\n<p>In October of the previous year, Crown was deemed unfit to operate a gaming establishment in Victoria, as it was discovered to have participated in illicit, deceptive, unethical, and exploitative activities. Nevertheless, it will not immediately forfeit its permit but will confront special measures within the state.<\/p>\n<p>In February of 2021, Crown was likewise deemed unfit to operate a casino in Sydney&#8217;s Barangaroo district following a New South Wales casino investigation (the Bergin Inquiry) that unearthed that its facilities and accounts were utilized for money laundering.<\/p>\n<p>However, Crown could still manage the Barangaroo casino if it implements specific modifications, including adherence and fiscal audits, and discontinues its dealings with VIP lounges.<\/p>\n<p>Furthermore, the Western Australian administration is examining Crown to evaluate its suitability to operate a casino in Perth. Its investigation is scheduled to conclude in March of 2022.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Blackstone Group has advanced in its attempt to take over Crown Resorts, boosting its proposition to roughly A$88.7 billion (US$64.6 billion). Blackstone has modified its bid, proposing to purchase Crown shares for $13.10 per share in cash, a $0.60 increase from its previous proposition of $12.50 per share. This proposition was declined by Crown [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone Sweetens Crown Resorts Bid: $88.7 Billion Takeover<\/title>\n<meta name=\"description\" content=\"Blackstone ups its offer for Crown Resorts to A$88.7 billion, proposing $13.10 per share in cash. 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