{"id":252,"date":"2024-06-27T00:26:43","date_gmt":"2024-06-26T21:26:43","guid":{"rendered":"https:\/\/shazamcasinonodepositbonus.icu\/2024\/06\/27\/blackstone-raises-bid-for-crown-resorts-to-8-87-billion\/"},"modified":"2024-06-27T00:26:43","modified_gmt":"2024-06-26T21:26:43","slug":"blackstone-raises-bid-for-crown-resorts-to-8-87-billion","status":"publish","type":"post","link":"https:\/\/shazamcasinonodepositbonus.icu\/2024\/06\/27\/blackstone-raises-bid-for-crown-resorts-to-8-87-billion\/","title":{"rendered":"Blackstone Raises Bid for Crown Resorts to $8.87 Billion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/1Hf-PBgn-4U\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Blackstone Group has presented a revised proposal to acquire Crown Resorts, increasing their bid to approximately 8.87 billion Australian dollars.<\/p>\n<p>Blackstone Group is now proposing 13.10 dollars per share, representing a 0.60 dollar premium compared to their prior proposition. Crown Resorts declined the initial offer last November, citing its unattractiveness. However, they granted Blackstone Group an opportunity to submit a revised proposal and even provided access to confidential data to facilitate a more compelling offer.<\/p>\n<p>After reviewing the new proposal, Crown Resorts deemed it prudent to engage in further discussions with Blackstone Group. They have agreed to allow Blackstone Group to conduct additional due diligence and finalize the terms of a potential transaction, culminating in a definitive offer. <\/p>\n<p>Crown Resorts has stated that its board will unanimously suggest to investors to vote in favor of a proposition if Blackstone presents a binding acquisition offer at a cash value of at least $13.10 per share, contingent on the fulfillment of specific conditions.<\/p>\n<p>The most recent proposition remains subject to the same further conditions as the previous offer, including final approval from gambling regulators in the states of Victoria, New South Wales, and Western Australia.<\/p>\n<p>Crown noted that it is presently unable to determine whether discussions with Blackstone will lead to a change of control transaction or an acquisition offer agreeable to Crown investors.<\/p>\n<p>Blackstone had previously been turned down twice by Crown on its acquisition proposals, the first being a cash offer of $11.85 per share in March 2021. The offer was subsequently increased to $12.35 but was again rejected on the grounds that it undervalued the company.<\/p>\n<p>Crown has also attracted interest from several other entities, including a merger proposition from rival operator Star Entertainment Group, which would have created a combined operation valued at approximately $12 billion. However, Star Entertainment Group withdrew its proposition due to concerns about its regulatory process in Victoria.<\/p>\n<p>Alternative investment management firm Oaktree Capital Management made a proposition to provide up to $3 billion in funding for a share repurchase program, which it later increased to $3.1 billion. <\/p>\n<p>Blackstone&#8217;s proposition encompasses a pact outlining the Crown&#8217;s regulatory matters in Victoria, Western Australia, and New South Wales. This accord details stipulations and conditions, including required authorizations from pertinent tribunals and gaming authorities.<\/p>\n<p>In Victoria, Crown was deemed unfit to manage a gambling establishment after being discovered to have participated in illicit, dishonest, unethical, and exploitative practices. Nevertheless, it will not forfeit its permit immediately and will instead encounter special actions from the state. This resolution was reached last October.<\/p>\n<p>In February 2021, the New South Wales Casino Investigation (Bergin Inquiry) determined that Crown&#8217;s facilities and accounts were utilized for money laundering, rendering Crown unfit to operate a casino in Sydney&#8217;s Barangaroo district.<\/p>\n<p>However, Crown can still operate the Barangaroo casino if it implements specific adjustments, including compliance and financial reviews, and discontinues its dealings with VIP rooms.<\/p>\n<p>Furthermore, the Western Australian government is examining Crown to assess its fitness to operate a casino in Perth. Their investigation is scheduled to conclude in March 2022.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Blackstone Group has presented a revised proposal to acquire Crown Resorts, increasing their bid&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackstone Sweetens Crown Resorts Bid: $8.87 Billion Offer<\/title>\n<meta name=\"description\" content=\"Blackstone Group ups the ante with a revised proposal for Crown Resorts, offering $13.10 per share. 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