Hotels

Blackstone comes back to Crown Resorts with sweetened takeover bid

Crown Resorts has received another acquisition proposal from Blackstone, with the private equity firm upping its offer price to $12.50 per share.

The bid follows previous attempts by Blackstone of $11.85 cash per share in March 2021 and $12.35 cash per share in May, both of which were rejected.

In a statement to shareholders, Crown noted that the latest offer price will be reduced by the value of any dividends or distributions declared or paid by the group, and is subject to a number of conditions, including regulatory approvals.

“Any acquisition of Crown by Blackstone would be conditional on Blackstone receiving final approval from the casino regulators in each of Victoria, New South Wales and Western Australia,” Crown said.

“Blackstone has stated that it has engaged with the regulators in relation to this issue and that the regulators’ advisers have indicated to Blackstone that there is no reason to believe that an approval would not be realised.

“Blackstone has stated that this position is subject to the provision of further information and that the regulators’ advisers are continuing their review.

“Blackstone has stated that it is prepared to proceed with the proposed transaction upon Blackstone receiving final confirmation of suitability from the regulators, even if the Perth Royal Commission remains ongoing, Crown’s consultation process with the NSW Independent Liquor & Gaming Authority remains ongoing, the legislation to implement the recommendations of the Victorian Royal Commission is yet to be finalised or passed, or the current AUSTRAC investigations are not completed.

“However, the consequences or outcomes of these processes may impact the proposed transaction.”

Blackstone’s proposed acquisition would be funded through a combination of debt and equity. The private equity giant currently has a shareholding of 9.99 per cent in Crown which it acquired from Melco Resorts & Entertainment for $8.15 per share in April 2020.

Crown said its board has not yet formed a view on Blackstone’s latest bid.

“It will now assess the proposal, having regard to the value and terms of the proposal and other considerations,” the company said.

“It will also engage with relevant stakeholders including regulatory authorities.”

Crown has appointed UBS and Gresham Partners as financial advisers, and Herbert Smith Freehills as legal adviser for the proposal.


SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Hotels

Historic Melbourne hotel gets multi-million dollar makeover

Rendezvous Hotel Melbourne has had a modern makeover that pays homage to its turn-of-the-century origins.  

Share

CommentComments

News

“We will not be pursuing ‘Omicron zero'”: NSW and Victoria vow to keep borders open

Victorian Premier Dan Andrews said he and his NSW counterpart Dominic Perrotett have been texting about this fandangled ‘Omicron zero’ situation, with both giving the strategy a thumbs down emoji.

Share

CommentComments

Destinations

Sri Lanka Tourism invites investors to cash in with huge incentives

The island nation’s government has made it easier to invest in tourism projects, and they reckon there are big bucks to be made. That is, if you have a spare $71K laying around.

Share

CommentComments

Wholesalers

The best bits of Wendy Wu’s Worldwide Sale

The sale includes coveted cherry blossom and autumn leaves departures on Japan trips so tell your clients to start saving up their yen now.

Share

CommentComments

Aviation

Say namaste: Qantas’ first India flights in almost a decade take to the skies

Meanwhile, the Flying Kangaroo’s Points Auction continues apace with a private jet experience set to go under the hammer.

Share

CommentComments

Hotels

Bannisters opens new Bawley Point retreat, The Jackson Ranch

Got a client who has always wanted to say “Meanwhile, back at the ranch…” in a literal sense? Book them a stay in this hidden gem.

Share

CommentComments

Travel Agents

AFTA updates campaign encouraging members to contact local MPs

Want to give your local MP a piece of your mind but don’t want to get kicked out of their office for shouting profanities? Click here.

Share

CommentComments

Cruise

Tourism

Travel Agents

Digital travel ad impressions up 40 per cent says Nielsen Ad Intel

Looks like your marketing team’s efforts are paying off, with ads views climbing dramatically in Australia following the most recent lockdown.

Share

CommentComments

News

Tourism

OMICRON: WHO urges those over 60 to cancel travel plans as SA tightens restrictions

The UN health authority warned countries that blanket bans don’t work, while an Aussie epidemiologist says the government’s current restrictions won’t make much difference.

Share

CommentComments

Wholesalers

Planeterra launches holiday fundraising for community tourism

Not sure what to get your colleague for Secret Santa? They’ll be hard-pressed to complain about a donation in their name to support community tourism projects.

Share

CommentComments

Destinations

WATCH: Rebel Wilson stars as glam castaway in new Tourism Fiji ad

The Aussie actress channels Tom Hanks’ Castaway in this latest campaign for Tourism Fiji, However, we’re not convinced Hanks could pull off the metallic dress as well as Wilson does.

Share

CommentComments

Hotels

Club Med opens first Canada property, reveals plans for new Utah ski resort

Those who enjoy the ease of an all-inclusive resort stay will be stoked to learn about Club Med’s latest spate of winter wonderland offerings.

Share

CommentComments