Blackstone Wins Crown Resorts With $6.4 Billion Takeover Bid

U.S buyout giant will now try to reform troubled casino firm
Deal gives billionaire James Packer clean exit from Crown

The Crown casino and entertainment complex in Melbourne. Blackstone made its first approach for Crown in March last year, with an initial offer of A$11.85. That and a subsequent offer in May were rejected as two low. — The Crown casino and entertainment complex in Melbourne. Blackstone made its first approach for Crown in March last year, with an initial offer of A$11.85. That and a subsequent offer in May were rejected as two low.
Photographer: James Bugg/Bloomberg

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By Harry Brumpton and Peter Vercoe

February 13, 2022 at 11:05 PM UTC

Updated on

February 14, 2022 at 12:02 AM UTC

This article is for subscribers only.

U.S. private equity giant Blackstone Inc. has won its almost yearlong pursuit of Crown Resorts Ltd. after the troubled Australian casino operator on Monday accepted its A$8.9 billion ($6.4 billion) takeover offer.

Under the offer, Crown shareholders will receive A$13.10 cash per share. The stock rose 2.8% to A$12.74 in early Sydney trading Monday. A meeting to vote on the offer is expected to be held in the second quarter of the year, Crown said in a statement.