Deals
Blackstone Increases Its Crown Resorts Takeover Bid to $6.5 Billion
- Crown says it will recommend binding offer at A$13.10 a share
- Deal would offer James Packer clean exit from troubled Crown
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U.S. private equity giant Blackstone Inc. moved closer to triumphing in its almost yearlong pursuit of troubled Australian casino operator Crown Resorts Ltd. after sweetening its offer a third time to A$8.9 billion ($6.5 billion).
The buyout firm, which already owns 10% of Crown, lifted its bid to A$13.10 per share, from a November offer of A$12.50, the Melbourne-based casino company said in a statement Thursday. Crown shares rose 8.7% to A$12.64 in early afternoon trading in Sydney after closing at A$11.63 on Wednesday.