Crown Resorts to recommend Blackstone takeover

Casino giant Crown Resorts says it will recommend shareholders accept a takeover offer by private equity outfit Blackstone worth at least $13.10 per share.

The James Packer-backed outfit said on Thursday morning that Blackstone had increased its previous $12.50 per share offer for the group after it granted it due diligence to inspect its books in early December.

Crown said that following the higher bid, it will start negotiating the terms of a sale so that Blackstone can put forward a binding offer.

If Blackstone makes a binding offer at $13.10 or more, then “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”, the company said.

More to come