Crown Resorts (ASX:CWN) Shareholders Approve Blackstone Bid

Australian Financial Review2022-05-20

Blackstone’s $8.9 billion takeover of Crown Resorts has been overwhelmingly approved by shareholders but the deal has been stalled until at least the end of June as state-based regulators have not yet...

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hotwheels
2022-05-20
hotwheels
Blackstone’s $8.9 billion takeover of Crown Resorts has been overwhelmingly approved by shareholders.

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href=https://www.afr.com/companies/games-and-wagering/crown-resorts-shareholders-approve-blackstone-bid-20220520-p5amzh><strong>Australian Financial Review</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Blackstone’s $8.9 billion takeover of Crown Resorts has been overwhelmingly approved by shareholders but the deal has been stalled until at least the end of June as state-based regulators have not yet...</p>\n\n<a href=\"https://www.afr.com/companies/games-and-wagering/crown-resorts-shareholders-approve-blackstone-bid-20220520-p5amzh\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CWN.AU","symbol_name":"CROWN RESORTS 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regulators have not yet granted approval to Blackstone to own Crown’s three casinos in AustraliaProxy votes revealed at the shareholder meeting on Friday shows 99.75 per cent voted in favour of Blackstone’s $13.10-a-share offer, with final shareholder results to be released to the market after the meeting.But hopes for a clean and smooth end to a scandal-plagued and tumultuous reign on the ASX for Crown and its major shareholder James Packer have been scuppered by three state-based casino regulators, who are yet to vet and approve Blackstone as a suitable casino owner.Ziggy Switkowski, Crown chairman, told the shareholder meeting on Friday that Blackstone expects to be vetted by the end of June, but both parties thought it was in the interests of shareholders to proceed with a vote on the $13.10 per share offer.While the shareholder vote is a condition of the deal, Mr Switkowski justified pressing ahead with the vote before NSW, Victoria and WA approved Blackstone as a suitable owner of the Sydney, Melbourne and Perth casinos because “although shareholder approval is a condition precedent, it does not need to be the final condition to be satisfied.”“Accordingly, the Board considered it was in the interests of shareholders to proceed with the vote today to reduce any potential delays between receipt of the outstanding gaming regulatory approvals and the completion of the transaction, including transfer of funds to shareholders,” he said.Mr Switkowski said Blackstone is “continuing to consult with the relevant regulators in Victoria, Western Australia and New South Wales in relation to the terms and conditions of the approvals.”“That process is on-going and in its final stages, which will extend into June.” The scheme is conditional on the outstanding regulatory approvals being obtained on terms acceptable to Blackstone.Mr Switkowski said Crown will announce to the market material developments relating to Blackstone’s gaining regulatory approvals and the date for the final Court hearing to approve the scheme, which was scheduled for 24 May.Blackstone’s $8.9 billion takeover of Crown Resorts has already been delayed by three weeks after state-based casino regulators tapped the brakes on the takeover to allow more time to vet the US private equity giant.The regulators are assessing if Blackstone is a fit and proper associate to operate Crown Melbourne, Perth and a proposed Sydney casino in the $2.3 billion Barangaroo tower on Sydney harbour.If the regulators give Blackstone the green light, gaming billionaire Mr Packer will walk away with about $3.3 billion in cash after a 20-year involvement with the Crown Resorts’ gaming business established by his father Kerry Packer.Mr Packer via his private investment vehicle, Consolidated Press Holdings, controlled 38 per cent of Crown and was a central figure in the scandals which have plagued the casino giant and led to three government inquiries finding Crown unfit to run its casinos.All three inquiries found Mr Packer needed to cut ties with the company after finding Crown facilitated money laundering through shell accounts linked to its casinos, disregarded the welfare of its China-based staff before they were arrested in 2016, and partnered withjunket operators linked to organised crime triads.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":615591949,"gmtCreate":1653015600481,"gmtModify":1653015603905,"author":{"id":"3555967496683005","authorId":"3555967496683005","name":"hotwheels","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"Blackstone’s $8.9 billion takeover of Crown Resorts has been overwhelmingly approved by shareholders.&nbsp;","listText":"Blackstone’s $8.9 billion takeover of Crown Resorts has been overwhelmingly approved by 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