CROWN RECEIVES ACQUISITION PROPOSAL FROM BLACKSTONE

MELBOURNE: Crown Resorts Limited (ASX:CWN) (Crown) announced that yesterday it received an
unsolicited, non-binding and indicative proposal from a company on behalf of funds managed and advised by
The Blackstone Group Inc. and its affiliates (together, "Blackstone"), to acquire all of the shares in Crown by
way of a scheme of arrangement at an indicative price of A$11.85 cash per share (the "Proposal"). The
indicative price will be reduced by the value of any dividends or distributions declared or paid by Crown.
The indicative price of $11.85 cash per share represents a premium of 19% to the volume-weighted average
price of Crown shares since the release of its 1H FY21 results.
The Proposal is subject to a number of conditions, including:
 due diligence;
 arranging debt finance;
 a unanimous Crown Board recommendation and a commitment from all Crown Directors to vote in
favour of the Proposal (in the absence of a superior proposal and subject to an Independent Expert
concluding that the proposed transaction is in the best interest of Crown shareholders);
 execution of a binding Implementation Agreement incorporating various terms and conditions
including a condition that Blackstone receive regulatory confirmation that a Blackstone-owned Crown
is considered a suitable person to continue to own and operate the Sydney, Melbourne & Perth
licences and other gaming-related approvals as required; and
 approval from Blackstone investment committees.
Blackstone currently has a shareholding of 9.99% in Crown which it acquired from Melco Resorts &
Entertainment Limited for $8.15 per share in April 2020.
The Crown Board has not yet formed a view on the merits of the Proposal. It will now commence a process
to assess the Proposal, having regard to the value and terms of the Proposal and other considerations. It will
also engage with relevant stakeholders including regulatory authorities.
Crown shareholders do not need to take any action in relation to the Proposal at this stage. There is no
certainty that the Proposal will result in a transaction.
Crown has appointed UBS as financial adviser and Allens as legal adviser in relation to the Proposal.

courtesy of Bell Direct
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DYOR

i hold CWN

a bit under my hoped for exit price , but the offer would crystallize a small profit should it succeed

will the regulators approve , i wonder

UPDATE 1-James Packer's private firm open to Blackstone's $6 bln buyout proposal for Crown Resorts

https://au.finance.yahoo.com/news/1-james-packers-private-firm-030914923.html

DYOR

i hold CWN

a bit under my hoped for exit price , but the offer would crystallize a small profit should it succeed

will the regulators approve , i wonder