Investors in Crown Resorts have overwhelmingly endorsed the acquisition proposal from Blackstone, clearing the path for the gaming behemoth’s purchase. The transaction, which appraises Crown at a substantial $8.9 billion in Australian currency, has been under negotiation for more than twelve months. Blackstone’s initial offer of $8.1 billion surfaced in March of 2021. Despite encountering regulatory obstacles, Blackstone persevered, enhancing the offer on two occasions before Crown’s directors ultimately signaled their approval. With near-unanimous shareholder support, the acquisition is anticipated to conclude shortly, contingent upon customary regulatory clearances. This development signifies the culmination of an era for Crown Resorts, one of Australia’s most prominent entertainment enterprises.
The first court appearance is on the calendar for May 24th, although it could be delayed until the week of June 6th should additional time be required to examine the documentation.
The purchase will be completed within one week of a court date, at which time Crown investors will be compensated, provided regulators approve.
Crown Resorts’ desirable locales and capacity for profit were undoubtedly appealing to the purchasers. However, the regulatory obstacles Crown has encountered probably influenced the ultimate selling price.
