“CPH will review all documents released to the market by Crown Resorts relating to a binding control transaction prior to making a decision regarding its shareholding,” it said. There are hopes of signing a deal by January-end, said the person, who was not authorized to speak publicly on the matter and so declined to be identified.Ĭonsolidated Press Holdings (CPH), a vehicle owned by Packer with a 37% stake in Crown, said it was encouraged by the announcement of the proposal and awaited further developments. The revised offer puts Blackstone in the box seat to win control of Crown, which has faced devastating misconduct inquiries in every state it operates in, while protracted Covid-19 lockdown measures have caused a drop in visitors.Ī person with direct knowledge of the matter told Reuters the near 5% price rise agreed after initial due diligence was supported by major investors, including founder James Packer, who collectively own around 60% of Crown stock. Australia’s biggest casino operator, Crown Resorts, said on Thursday its board was likely to back an improved 8.87 billion Australian dollars ($6.46 billion) buyout proposal from US private equity firm Blackstone unless a higher offer emerged.Ĭrown received a fourth non-binding offer of 13.10 Australian dollars a share, having dismissed Blackstone’s previous bid of $12.50 Australian dollars as not “compelling.”

The crown casino corpse tunnel