Crown Resorts Rejects Blackstone's Takeover Offer, But Asks More Information On Star's Proposal

(RTTNews) - Crown Resorts Limited (CWN.AX) rejected a revised takeover offer of A$12.35 per share from U.S. private-equity firm Blackstone Group Inc., saying that the proposal undervalued the company and wouldn't be in shareholders' best interests.

Crown board believes there is significant uncertainty as to the timing and outcome of the regulatory approval processes.

In a separate press release, Crown Resorts has requested the Star Entertainment Group Limited to provide certain information to allow the Crown Board to better understand various preliminary matters regarding star's proposal for merge with Crown.

Crown asked its shareholders do not need to take any action in relation to the star's merger proposal at this stage. There is no certainty that the merger proposal will result in a transaction.