Australia's Crown Resorts soars on sweetened $6.2 bln lifeline from Blackstone

Chineseworldnet.Com

19/11/2021 24:48

** Embattled casino operator Crown Resorts  CWN.AX  jumps as
much as 16.5% to A$11.53, its biggest intraday pct jump since
March 22
    ** CWN top pct gainer on the ASX 200 benchmark  .AXJO 
 urn:newsml:reuters.com:*:nL4N2SA01G
    ** Says https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02454666-3A581566?access_token=83ff96335c2d45a094df02a206a39ff4
 funds managed and advised by U.S. private equity firm
Blackstone Inc  BX.N  and its affiliates offered to buy CWN for
A$12.50 per share - valuing CWN at A$8.46 bln ($6.16 bln)
 urn:newsml:reuters.com:*:nL4N2S94XN
    ** New offer at a 26.2% premium to CWN's last close, and
slightly higher than its earlier bid of A$12.35 apiece, which
was rejected by CWN in May as being too low  urn:newsml:reuters.com:*:nL2N2N30KG
    ** CWN says it hasn't formed a view on the merits of
Blackstone's new proposal, and will now assess it
    ** CWN hits highest since July 6; set to add ~18% over the
week, its best since late-March when it got the first offer https://www.reuters.com/world/asia-pacific/australias-crown-resorts-receives-62-billion-buyout-offer-blackstone-2021-03-21
 from Blackstone
    ** SGR shares jump more than 4% to hit their highest since
Oct. 8
    ** CWN up 2.8% so far this year, vs a 12.0% increase in the
ASX 200 benchmark index  .AXJO 

($1 = 1.3744 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))