An $8 billion offer for gaming giant Crown Resorts from a US investment fund could be good news for shareholders of the troubled group, according to a market expert. U.S. private equity group Blackstone has made an unsolicited, non-binding offer of $11.85 cash per share. The offer represents a premium of 19 per cent to Crown’s weighted average share price in the weeks since it released its first-half results. Shares in the casino group were surging on Monday by 18.26 per cent to $11.66 at 1255 AEDT on Monday. CMC Markets Chief Market Strategist Michael McCarthy said shareholders may see benefit in new ownership, after the group’s struggle to retain casino licences. “Some shareholders are probably a little weary of the hits that keep coming,” he said. “So some might see a change of ownership as positive for those regulatory issues.” A New South Wales (NSW) report in February required Crown make substantial changes …
US Investment Giant Blackstone Bids for Troubled Australian Casino Group Crown
March 22, 2021
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