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CWN - Crown Resorts News Story

A$12.1 -0.1  -0.6%

Last Trade - 7:10am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £4.57bn
Enterprise Value £5.21bn
Revenue £714.0m
Position in Universe 73rd / 1907

BUZZ-Crown Resorts trading above Blackstone's buyout offer; Oaktree proposal complicates

Mon 19th April, 2021 1:51am
** Shares of Crown Resort  CWN.AX  up 0.7% at A$12, hovering
over Blackstone Group's  BX.N  A$11.85 takeover price
    ** The casino operator is, however, off its intraday peak of
A$12.08
    ** Oaktree Capital has offered CWN A$3 bln ($2.31 bln) to
buy billionaire founder James Packer's 37% stake  urn:newsml:reuters.com:*:nL1N2MB0NF
    ** A recent state inquiry criticised the immense influence
Packer has had over CWN, heaping pressure on the company and him
to have it scaled back 
    ** Packer's influence was one reason behind CWN losing the
licence for its flagship Sydney casino
    ** CWN has not yet formed a view on either the Oaktree
proposal nor Blackstone's proposed A$8 bln buyout 
    ** If the Blackstone deal goes through, Packer would pocket
around A$2.9 bln; at current prices, it would be more in line
with the A$3 bln of financing on offer by Oaktree
    ** Oaktree's proposal now complicates Blackstone's offer,
offering CWN an opportunity to continue as a public company,
facilitate Packer's exit and potentially ease regulatory
pressure

($1 = 1.2960 Australian dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))
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