Crown Resorts has agreed to enter into exclusive takeover talks with Blackstone Group after the US private equity group sweetened its bid to buy the under-pressure Australian gaming company for about A$8.9bn (US$6.5bn).
The revised offer values Crown at A$13.10 per share, up by A$0.60 per share or about A$1bn in additional cash from a prior proposal Blackstone made to the casino business, backed by Australian billionaire James Packer, in November.
The latest bid comes after the gaming company’s board last year rebuffed several offers from the US buyout group, which already owns 9.99 per cent of Crown.
Crown has, since May, been at the centre of a bidding war between Blackstone and smaller casino rival Star Entertainment, which has pursued a merger.
Star withdrew its interest in July when Australian authorities said Crown could potentially lose its gambling licence following an investigation into money laundering accusations. That threat was lifted in September after the investigation ended and Sydney-based Star has continued to express interest in reviving its A$12bn merger…
