crown resorts, special manager, appointment

Crown announced that it has received a revised non-binding proposal from Blackstone to acquire all of the shares in Crown Resorts by way of a scheme of arrangement at a price of A$13.10 cash per share.

This represents an increase of $0.60 cash per share compared to the previous offer price of $12.50 cash per share as announced to the ASX on 19 November 2021.

Blackstone has made the Revised Proposal after considering non-public information provided by Crown during initial due diligence.

The Revised Proposal is subject to the same conditions as the Blackstone proposal announced by Crown to the ASX on 19 November 2021, including completing further due diligence, unanimous support and recommendation by the Crown Board, execution of a binding Implementation Agreement and Blackstone receiving final approval from the casino regulators in each of Victoria, New South Wales and Western Australia. 

Should Blackstone make a binding offer at a price of no less than $13.10 cash per share then, subject to the parties entering into a binding Implementation Agreement on terms and condition acceptable to Crown, it is the Crown Board’s current unanimous intention to recommend that shareholders vote in favour of the proposal in the absence of a superior proposal and subject to an Independent Expert concluding that the proposed transaction is in the best interests of Crown shareholders.

The Crown Board notes that there is no certainty that the discussions between Crown and Blackstone will result in a change of control transaction or an offer capable of acceptance by Crown shareholders.