Crown Resorts Shareholders Approve Blackstone's $6.3 Bln Buyout Offer

Reuters2022-05-20

May 20 (Reuters) - Shareholders of Australian casino operator Crown Resorts Ltd approved a $6.3 billion buyout by U.S. private equity giant Blackstone Inc on Friday, with 99.91% of the votes cast at its scheme meeting in favour of the deal.

Last month, Crown Resorts had postponed its scheme meeting, saying that Blackstone had made good progress in obtaining the gaming regulatory approvals, but have not yet obtained the necessary approvals.

The voting results take billionaire James Packer one step closer to an exit route from the beleagured Australian casino firm hit by scandals and regulatory setbacks and effectively ending one of Australia's most storied business dynasties.

Crown said it had scheduled a court hearing for the scheme on May 24.

Earlier, advisory firm Grant Samuel - which was appointed as an independent expert by Crown - said that the scheme consideration is "fair, even if none of the contingent liabilities arise."

Packer, Crown's biggest shareholder and founder, will cash in his chips, worth about A$3.3 billion ($2.32 billion), a decade and a half after he created the company.

($1 = 1.4237 Australian dollars)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • VictorR
    2022-05-20
    VictorR
    Nice $$
  • J1000
    2022-05-20
    J1000
    Ok
  • sh99
    2022-05-20
    sh99
    yx yx g
  • sh99
    2022-05-20
    sh99
    yx yx yx
Leave a comment
4