Crown Resorts declared today that it received an acquisition proposal from Oak Capital Management. Oak Capital, a global asset management company headquartered in the US, proposed acquiring Crown shares presently owned by Consolidated Press Holdings (CPH). CPH, overseen by billionaire James Packer, represents Crown’s biggest stakeholder, possessing a 36.8% share.
The proposition remains tentative and non-obligatory, signifying it’s not finalized. Oak Capital suggests repurchasing a portion or all of CPH’s shares, potentially granting them a substantial ownership portion within Crown.
Crown’s board of directors hasn’t determined whether to embrace the proposition. They intend to meticulously examine the proposal and reach a decision that benefits all Crown shareholders. It’s crucial to highlight that any agreement would necessitate endorsement from Crown’s shareholders, excluding CPH and its associated entities.
Therefore, despite this significant event, it’s still preliminary. There’s no certainty that an agreement will be established.
