Crown says bid ‘doesn’t represent value’

Home » Crown says bid ‘doesn’t represent value’

Crown Resorts said a revised takeover bid by Blackstone still doesn’t represent “compelling value” for its shareholders.

However, the operator has allowed access to non-public information to allow the US equity fund to formulate a better offer.

Crown said that there is no guarantee Blackstone will come back to the table with a higher offer than the current A$12.50 a share in cash. That offer was up from an original $11.85 per share bid made in February, which valued the entire company at $8bn.

The operator rejected the first offer as being too low.

Blackstone already has a 9.99 per cent stake in Crown, which it acquired from Melco Resorts and Entertainment for $8.15 a share.

Source: Asia Gaming Brief

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