Blackstone’s $6.5 Billion Crown Resorts Bid Rejected as Too Low
- Decision hands advantage to rival suitor Star Entertainment
- Crown says too much uncertainty tied to Blackstone bid
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Crown Resorts Ltd. rejected as too low an A$8.4 billion ($6.5 billion) takeover offer from Blackstone Group Inc., handing the advantage to rival suitor Star Entertainment Group Ltd.
Directors unanimously decided the U.S. buyout firm’s bid undervalued the company and there was uncertainty about the timing and regulatory approval for any deal, the Australian casino operator said Monday. Crown said it discussed the proposal, which had already been sweetened, with Blackstone, watchdogs and its own shareholders.