The Crown Resorts Ltd. Barangaroo South luxury hotel resort and One Barangaroo Crown residences development in Sydney, Australia, on Wednesday, February 10 2021. Picture: BLOOMBERG/BRENDON THORNEA bidding war erupted for Crown Resorts with rival casino operator Star Entertainment Group proposing an all-stock merger and Blackstone Group sweetening its cash takeover bid.
Packer, whose influence on Crown was criticised in the regulatory report in February, has increasingly stepped back from corporate life to fight a mental health battle. The Blackstone bid would give him a potential clean break. Star’s proposal offers the billionaire the chance to swap at least some of his Crown stake for a smaller share in the merged entity.
Star’s proposal “creates a long-term opportunity for the capital market which would not exist if Crown gets bought by an American private equity firm,” Star CEO Matt Bekier said in an interview after the proposal was announced. “We have a management team that is in good standing with all the regulators in all our jurisdictions so we think we can pull this off with relatively low risk.”
Entertainment Entertainment Latest News, Entertainment Entertainment Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Tali’s Baby Diary’ star announces pregnancy in sweet Insta postIt's a case of life imitating art as the popular star of 'Tali's Baby Diary', Julia Anastasopoulos, announced she is expecting her second child.
Source: SundayTimesZA - 🏆 47. / 51 Read more »
New athletics boss wants SA star Akani Simbine to race on home TVGetting local athletics events back on live television is new AthleticsSA_ president James Moloi’s ’number one priority’. By ashfakmohamed
Source: IOL - 🏆 46. / 51 Read more »