Crown Resorts said a group of funds advised by Oaktree Capital Management has agreed to provide up to $3 billion in funding for the company to buy back shares held by James Packer’s Consolidated Press Holdings.

Oaktree will provide the financing via a “structured instrument” to buy all, or some of Packer’s 37 percent stake.

Crown said it’s evaluating the proposal. The company is also subject to a separate takeover bid from Blackstone Group, which has offered about A$8 billion.

 

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