Blackstone before taking over crown resorts
A billion -dollar takeover could soon be carried out in the gambling industry. The Australian gambling group Crown Resorts announced that Blackstone’s offer should be accepted. Without objections on the part of shareholders and authorities, nothing would stand in the way of the deal.
Billion -dollar deal
For a total of 6.5 billion USD-the equivalent of 5.75 billion euros-the Australian company Crown Resorts is to be bought up by the US investment company. However, objections from shareholders and authorities could still oppose the takeover. This will be shown in the next few months. But the price is a good offer and would be associated with advantages for the Australian group.
The US investment company Blackstone wants to pay the shareholders 9.30 USD per share. Crown announced this, at least in a stock exchange report on Monday. This price would even be 32% above the course of the Crown share of November 18 last year. In addition, this made price is 10.5% above the price of the first offer of the US investors. Blackstone offers the Australian Casino operator thus a “substantial price”.
Crown Resorts seems very satisfied with this offer. So Steve McCann – CEO of Crown Resorts – commented as follows: “Today’s announcement is a convincing offer for the shareholders of Crown that you should take into account. The prize reflected the value of Crown’s first -class assets and its global reputation for excellent service and experiences. ”
Offer over the crown share price
Crown Resorts accepted the offer that is even above the company’s current share price. This is because the company evaluation that is decisive for the purchase price comes from 2019. Three years ago, the value of the company was determined by shareholders to even $ 10.15 per share. After that, however, the group’s course has decreased to $ 5.20. This is due to Corona pandemic and also in complications of the company’s management in possible criminal machinations. As a result, the offer represents a good deal for crown resorts.
However, Blackstone is not a completely new stock holder of the Australian company. The investment company already has 10% of the crown shares. If Blackstone takes over the group completely, Crown Resorts could benefit from it. Financial analysts speculate that the gambling company could come back to the road to success through the takeover.
Important step for Crown Resorts
According to the Managing Director of White Funds Management, a shareholder of Crown, – Angus Gluskie – this retention of title is an important step. Because of the deal, existing reservations of the Australian gambling authorities could be eliminated. In March or April of this year, the management of Crown Resorts will provide shareholders more information and details about the purchase. At the same time, there will be a recommendation for the shareholders to agree to Blackstone’s offer. In total, 75% of the owners have to agree so that nothing stands in the way of the sale.
The news was already positive by the dealers on the Australian stock exchange in Sydney. As a result, the course of the Crown share increased by 2.2% and thus to $ 8.98. Financial analysts await the deal in the course of the year. Blackstone could have already bought in 2023 Crown Resorts. James Packer would also benefit from this. The Crown co -owner would receive 2.3 billion USD for its shares – the equivalent of 20.27 euros. James Packer has already withdrawn from management last year. Nevertheless, it is one of the people who would benefit the most from the deal. The fact that it has 37% of the share of the Australian company is so high.
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