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CWN - Crown Resorts News Story

A$13.15 0.1  0.8%

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Consumer Cyclicals
Large Cap
Market Cap £4.86bn
Enterprise Value £5.48bn
Revenue £707.8m
Position in Universe 65th / 1913

UPDATE 1-Australia's Crown Resorts offered $2.3 bln to buyout James Packer

Mon 19th April, 2021 12:46am
(Adds background on Packer, Blackstone offer)
    April 19 (Reuters) - Australia's Crown Resorts Ltd  CWN.AX 
said on Monday it will assess a A$3 billion ($2.32 billion)
offer by U.S. private equity firm Oaktree Capital to buy James
Packer's 37% stake in the casino operator.
    Packer's influence on the company he founded came under
intense scrutiny in a state inquiry last year that led to
Crown's flagship Sydney casino losing its licence. 
    The reclusive billionaire earlier this month indicated he
was open to selling his stake as part of a A$8 billion takeover
bid by Blackstone Group Inc  BX.N  that would see him pocket
around A$2.9 billion.*:nL4N2M601C*:nL4N2LZ0PQ
    "The Crown Board has not yet formed a view on the merits of
the Oaktree proposal," Crown said in a statement. "It will now
commence a process to assess the Oaktree proposal."
    Consolidated Press Holdings (CPH), Packer's private company
that holds the Crown stake, Blackstone and Oaktree did not
immediately respond to requests for comment. 
    The New South Wales state gaming regulator, which has the
authority to restore Crown's Sydney casino licence, recently
reached a deal with CPH that would scale back Packer's influence
over Crown.*:nL4N2M91C7
($1 = 1.2952 Australian dollars)

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Christopher Cushing and Jane Wardell)
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