Crown Resorts Receives A$11.85/shr Proposal From Blackstone Group

(RTTNews) - Crown Resorts Limited (CWN.AX) said that it received an unsolicited, non-binding and indicative proposal from a company on behalf of funds managed and advised by The Blackstone Group Inc. and its affiliates, to acquire all of the shares in Crown at an indicative price of A$11.85 per share in cash.

The indicative price will be reduced by the value of any dividends or distributions declared or paid by Crown.

The indicative price of A$11.85 cash per share represents a premium of 19% to the volume-weighted average price of Crown shares since the release of its the first-half of fiscal year 2021 results.

Crown Resorts was gaining 18.00 percent in Australia at A$11.64.

Crown said its board has not yet formed a view on the merits of the proposal. It will now commence a process to assess the proposal, having regard to the value and terms of the Proposal and other considerations.

Crown noted that its shareholders do not need to take any action in relation to the Proposal at this stage. There is no certainty that the proposal will result in a transaction.

Blackstone currently has a shareholding of 9.99% in Crown which it acquired from Melco Resorts & Entertainment Limited for A$8.15 per share in April 2020.