Crown Resorts reveals modifications to Blackstone acquisition proposal

Crown Resorts Restricted shared a letter it gained from Blackstone regarding modifications to the acquisition proposal that Crown been given final month.

The Blackstone Team Inc sent an unsolicited indicative proposal on 22 March to receive all shares in Crown at an indicative selling price of AU$11.85 ($9.01) cash for every share. The proposal was issue to a selection of phrases and disorders, like a regulatory confirmation that Blackstone was appropriate to “continue to have and function the Sydney, Melbourne & Perth licences and other gaming-related approvals as required.”

In the announcement, Crown uncovered quite a few situations that must be cleared for the deal to progress, these kinds of as Blackstone acquiring “approval from every single relevant regulatory authority to obtain 100% of the issued shares in Crown as required underneath the relevant on line casino legislation and framework agreements in every single of their respective States”. Blackstone is predicted to get probity approval from every state’s gaming regulators by Q3 2021.

Moreover, Crown will have to be certain that none of its casino licenses is revoked or beneath a danger of staying cancelled or suspended in any of the states in which the organization operates: Western Australia, Victoria or New South Wales. Crown said its board is still examining the proposal.

The proposal from Blackstone came after a sequence of investigations into alleged cash-laundering in some of Crown’s casinos, as perfectly as the inadequate operations management.