James Packer, the owner of Crown Resorts, the biggest land-based casino operator in Australia, has hired an adviser to help him evaluate any offers for his 37 percent stake in the company.
Consolidated Press Holdings, which is Packer’s private company, revealed it has hired investment bankers Moelis Australia to act as advisers on any potential deal to sell his stake in Crown Resorts.
This marks a change of attitude from James Packer, who previously said that he would like to follow any decision from the Crown Resorts board on a potential sale of the company.
Crown Resorts is currently evaluating an offer of 8 billion Australian dollars from Blackstone Group, a powerful American investment management company. Blackstone already owns a 10 percent stake in the Australian operator.
It is believed that James Packer’s attitude shift means that he is trying to attract other bidders for the company. In fact, analysts said that the offer from Blackstone will most likely be rejected by most of the Crown Resorts shareholders as the price of 11.85 Australian dollars per share is considered too low.
On Wednesday, the Crown Resorts stock closed up above the offer price at $11.95, which indicates the market believes there is potential for a higher offer for the Australian company.