Blackstone Group, a powerful American investment management company, has made an offer to take over Crown Resorts Limited, the biggest land-based casino operator in Australia.
The offer is worth 8.02 billion Australian dollars, which represents a price of 11.85 dollars for each share in Crown Resorts for 90.1% of shares the company does not currently own.
The price per share is around the value that Crown Resorts has seen last year, before the devastating effects of the novel coronavirus pandemic on its business. Moreover, the Australian company has been deeply affected by an investigation in New South Wales, which found that the firm was involved in money laundering.
Crown Resorts has confirmed that the proposal was received and is now being assessed by the company. However, the Australian firm insisted that there is no guarantee at this time that the offer will eventually convert into an actual transaction.
The Blackstone Group already owns 9.99% of Crown Resorts’ shares, a stake that was acquired from Melco Resorts & Entertainment Limited, the giant Asian gaming group, in April 2020. The price per share at that time was 8.15 dollars.