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- Crown Resorts Ltd (CWN) considering a higher non-binding offer from U.S. investment giant Blackstone Inc at $8.87 billion
- Blackstone has now offered Crown Resorts shareholders $13.10 per share compared to the previous bid of $12.50 per share
- Subject to a binding offer Crown Resorts said its board will recommend the new offer to shareholders
- Crown Resorts said it offered Blackstone access to non-public information to allow it to undertake initial due diligence inquiries for a revised proposal
- Crown Resorts Ltd (CWN) last traded at $11.63 per share before market open on the 13th of January
Crown Resorts Ltd (CWN) is considering a higher non-binding offer from U.S. investment giant Blackstone Inc that values the company at $8.87 billion.
Blackstone has now offered Crown Resorts shareholders $13.10 per share compared with its previous bid of $12.50 per share.
Crown Resorts will engage with Blackstone on a non-exclusive basis and provide the investment manager “the opportunity to finalise its due diligence inquiries”.
Subject to a binding offer Crown Resorts said its board aims to recommend the new offer to shareholders in the absence of a superior proposal, and subject to an Independent Expert’s report.
Crown Resorts said it offered Blackstone access to non-public information to allow it to undertake initial due diligence inquiries for a revised proposal.
The $12.50 per share proposal in November was the third from Blackstone to win control of Crown, which has faced misconduct inquiries in every state it operates in and has been hurt by protracted lockdowns.
Crown Resorts Ltd (CWN) last traded at $11.63 per share before market open on the 13th of January.
