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

REVISED BLACKSTONE ACQUISITION PROPOSAL
MELBOURNE: Crown Resorts Limited (ASX:CWN) (Crown) announces that it has received a
revised non-binding proposal from a company on behalf of funds managed and advised by
Blackstone Inc. and its affiliates (together, Blackstone), to acquire all of the shares in Crown by way
of a scheme of arrangement at a price of A$13.10 cash per share (the Revised Proposal). This
represents an increase of $0.60 cash per share compared to the previous offer price of $12.50 cash
per share as announced to the ASX on 19 November 2021.
Blackstone has made the Revised Proposal after considering non-public information provided by
Crown during initial due diligence.
The Revised Proposal is subject to the same conditions as the Blackstone proposal announced by
Crown to the ASX on 19 November 2021, including (but not limited to) completing further due
diligence, unanimous support and recommendation by the Crown Board, execution of a binding
Implementation Agreement and Blackstone receiving final approval from the casino regulators in
each of Victoria, New South Wales and Western Australia.
Following consideration of the Revised Proposal, including obtaining advice from its financial and
legal advisers, the Crown Board considers that it is in the interests of Crown’s shareholders to
engage further with Blackstone on a non-exclusive basis in relation to the Revised Proposal.
Accordingly, Crown has decided to provide Blackstone with the opportunity to finalise its due
diligence inquiries and negotiate the terms of an Implementation Agreement so that Blackstone can
put forward a binding offer.
Should Blackstone make a binding offer at a price of no less than $13.10 cash per share then,
subject to the parties entering into a binding Implementation Agreement on terms and conditions
acceptable to Crown, it is the Crown Board's current unanimous intention to recommend that
shareholders vote in favour of the proposal in the absence of a superior proposal and subject to an
Independent Expert concluding (and continuing to conclude) that the proposed transaction is in the
best interests of Crown shareholders.
Crown will engage with relevant stakeholders including regulatory authorities and shareholders
prior to the execution of any binding Implementation Agreement.
Crown shareholders do not need to take any action in relation to the Revised Proposal at this stage.
The Crown Board notes that there is no certainty that the discussions between Crown and
Blackstone will result in a change of control transaction or an offer capable of acceptance by Crown
shareholders.
The Crown Board is focussed on maximising value for Crown shareholders and will carefully
consider any proposal that is consistent with this objective.
ENDS

courtesy of Bell Direct
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DYOR

i jumped ship in April 2021

putting the cash into YFZ ( a short are surprisingly sweet adventure )