Packer’s Crown slipping further towards Blackstone
Blackstone has upped its bid for Jamie Packer’s Crown Casino to $8.9 billion through a non-binding bid at $13.10 a share.
Crown’s board said if it received a binding bid at no less than the revised price it would recommend shareholders accept.
The revised offer is about $500 million above its previous bid and an increase of 60 cents a share.
Blackstone said it made the revised offer after it was able to access confidential information relating to the company during the due diligence investigation.
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Crown said the board had determined that it would engage further with Blackstone on a “non-exclusive” basis.
“Accordingly, Crown has decided to provide Blackstone with the opportunity to finalise its due diligence inquiries and negotiate the terms of an implementation agreement so that Blackstone can put forward a binding offer,” Crown said.
The company said if Blackstone made a binding offer at a price of no less than $13.10 per share then, subject to conditions, the board would recommend that shareholders accept the proposal.
