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