• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 18 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Crown knocks back Blackstone takeover offer, asks Star for more information

Ben Blaschke by Ben Blaschke
Mon 17 May 2021 at 07:46
Crown’s internal AML controls described by inquiry judge as a “debacle”
32
SHARES
804
VIEWS
Print Friendly, PDF & Email

Australia’s Crown Resorts has knocked back a takeover bid from American multinational private equity and hedge fund giant The Blackstone Group, claiming its offer undervalues its assets and future earnings power.

However, a merger proposal from domestic rival Star Entertainment Group remains very much on the table.

In a series of filings early Monday morning, Crown said it has yet to form any view on Star’s merger proposal but to facilitate its assessment “has requested Star to provide certain information to allow the Crown Board to better understand various preliminary matters.”

As previously reported by Inside Asian Gaming, Star’s merger proposal would see current Crown shareholders retain 59% of shares in the new entity with Star shareholders holding the other 41%.

Star said at the time it believes a merger represents a “compelling value proposition for all shareholders by creating a national tourism and entertainment leader with a world-class portfolio of integrated resorts with enhanced scale and geographic earnings diversification, significant balance sheet strength and free cash flow generation.”

While Star was one of three offers on the table, it may now find itself in pole position with Crown also revealing Monday that it had opted against accepting a revised and improved offer from Blackstone to acquire all Crown shares at AU$12.35 per share – increased from an original offer of AU$11.85 per share.

“The Board has carefully considered the Revised Proposal, including obtaining advice from its financial and legal advisers,” it said. “The Board has had regard to discussions with Blackstone (and its financial and legal advisers) and various regulatory authorities. The Board has also considered feedback from shareholders.

“The Board has unanimously concluded that the Revised Proposal undervalues Crown and is not in the best interests of Crown’s shareholders. In coming to this conclusion, the Board considered a range of scenarios given the regulatory inquiries in relation to Crown which are underway.

“The Board also carefully considered the conditions of the Revised Proposal, including the regulatory approval conditions. Despite Blackstone’s modification of these conditions, the Board believes there is significant uncertainty as to the timing and outcome of the regulatory approval processes. As a result, the conditions of the Revised Proposal as currently understood present an unacceptable level of regulatory uncertainty for Crown shareholders.”

Crown added that it had taken a range of factors into consideration when assessing the Blackstone bid, including the strategic value of its assets, the value of its tangible assets including land, gaming and hotel facilities, its AU$2.2 billion investment into Crown Sydney, the timing of the proposal given the impact of COVID-19 and more.

“The Board is committed to maximizing value for all Crown shareholders and will carefully consider any acquisition proposal that is consistent with this objective,” the company said.

A third offer from American global asset management firm Oaktree Capital Management to acquire the 36.8% stake in Crown owned by James Packer’s Consolidated Press Holdings remains on the table.

RelatedPosts

Entain Australia and New Zealand CEO Andrew Vouris announced as Featured Speaker at Regulating the Game 2026

Entain Australia and New Zealand CEO Andrew Vouris announced as Featured Speaker at Regulating the Game 2026

Sun 14 Sep 2025 at 11:33
Aristocrat in leadership shakeup with former Light & Wonder exec Dylan Slaney to lead online unit, Barry French taking over corporate affairs

Aristocrat in leadership shakeup with former Light & Wonder exec Dylan Slaney to lead online unit, Barry French taking over corporate affairs

Fri 12 Sep 2025 at 07:20
Unhitching Online Poker

Australian government reportedly ready to proceed with gambling advertising reform

Thu 11 Sep 2025 at 14:51
Entain looking to sell Australian pub poker and trivia business

Entain looking to sell Australian pub poker and trivia business

Mon 8 Sep 2025 at 21:34
Load More
Tags: AustraliaCrown ResortsStar Entertainment GroupThe Blackstone Group
Share13Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

Industry lawyer: All hope not lost for Thailand’s deflated casino bill

Industry lawyer: All hope not lost for Thailand’s deflated casino bill

by Ben Blaschke
Thu 18 Sep 2025 at 20:04

Thailand’s controversial Entertainment Complex Bill may be dead in the water, but there remains some hope that it could yet be revived – possibly as soon as early 2026 – according to prominent industry lawyer Lau Kok Keng, Partner and...

DigiPlus links with Philippine First Insurance to provide surety bond protection program for its online gaming players

DigiPlus links with Philippine First Insurance to provide surety bond protection program for its online gaming players

by Ben Blaschke
Thu 18 Sep 2025 at 17:03

Leading Philippines eGames provider DigiPlus Interactive Corp has inked a deal with domestic insurance company Philippine First Insurance Co. Inc  to introduce what it describes as the Philippines’ first-ever surety bond program for online gaming players. Taking effect immediately, the...

10 Years Ago – Reimagining Sri Lanka

Sri Lankan cabinet approves budget proposal to increase betting levy, double casino entry for locals

by Newsdesk
Thu 18 Sep 2025 at 02:27

The Sri Lankan cabinet has approved a proposal in the country’s 2025 budget that will see the betting levy increased and casino entry fee for locals doubled. According to a report by local business media outlet Economy Next, Cabinet Spokesman...

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

by Newsdesk
Thu 18 Sep 2025 at 02:08

CDC Gaming, the premier source of news, commentary and analysis for the gaming industry in the Americas and sister company to Inside Asian Gaming, has announced a revamped, reimagined and refreshed Day Zero Party ahead of this year’s Global Gaming...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English