Crown Resorts, the largest owner and operator of land-based casinos in Australia, has announced that the meeting and vote on the takeover bid from Blackstone Group has been postponed.
Blackstone Group, a private equity giant, has submitted several offers to take over Crown Resorts and the last one, worth 8.9 billion Australian dollars, was finally accepted by the Australian company.
Moreover, in April 2022 the takeover proposal received formal approval from the Australian Foreign Investment Review Board. After the government approval was received, the Crown Resorts board of directors urged the company’s shareholders to back the proposed acquisition by Blackstone Group, underlining that the takeover would eliminate “the uncertainties and risks” that the business was facing.
The shareholders were expected to vote on the takeover bid in a meeting on April 29, but a few days before the deadline Crown Resorts announced that the vote will now take place at 10am Melbourne time on 20 May.
The Australian company issued a statement in which it explained the reasons behind the delay. In fact, Blackstone Group had not yet received all the necessary regulatory approvals under the scheme implementation deed and that forced Crown Resorts to delay the meeting.