Deal Signed by January?
The first proposal was rejected, with the Crown casino group citing the offer as not compelling. Blackstone then saw two further bids rejected by the group. After three failed bids, many experts thought the deal would not go ahead. But Blackstone was not done and decided to table the fourth bid. By increasing the offer by AU$0.60 per share, they have added around AU$1 billion to the deal. This 5% increase to their bid looks like it may be enough to secure the deal. The major investors in the bid agreed that the increase was acceptable, considering that Crown covers some of the biggest land-based casinos in Australia. James Packer, who owns 37% of the stock, has said that they support this new offer. If that is the case, the deal may be signed and delivered by the end of January.
Major Shareholders on Board
Other large shareholders have also expressed their consent to allow the deal to go through. Perpetual, the investment manager that owns 9.2%, said it was currently happy with the offer. But they said they were still open to further offers if they should arise. Crown shares rose over 9% to a high of AU$12.68 when the news of the new offer broke. That is the highest value the shares have held since June 2021. But it is still well below the value that Blackstone is offering. That is good news for Blackstone since it is unlikely there will be any rival bids.
Will Blackstone Secure the Deal?
So as things stand, it looks like Blackstone will be successful with their latest bid. Crown has been facing a lot of criticism in the last year for its conduct. That caused Star Entertainment Group to withdraw a A$9 billion buyout proposal. They are still in the fray, and we may see an offer from the group before the deal is complete. But as it stands, it looks like Blackstone may be the winner. We should know by the end of January.
Top 3 Casinos of the month
Excellent welcome bonus offer
Client- and instant-based ways for playing
Huge selection of products
Slick live casino design
88 Free spins No Deposit on Registration plus 100% up to £100 Bonus on your first deposit
Up to £100 Bonus
Read our review
#ad • No Deposit Offer: New players with valid mobile number only • Claim in 48 hrs • 14 day expiry • Valid for selected games • Pre-1st deposit only: Bonus wins & max redeemable amount capped at £100, excl. JP wins • Wager Bonus x1 - req. contributions vary by game • Bonus expires in 90 days • Deposit Offer: 1st time depositor at 888casino only • £20 min deposit • Claim in 48 hrs • Valid for selected games • Bonus wins capped at £500, excl. JP wins • Pre-1st deposit only: Bonus wins & max redeemable amount capped at £100, excl. JP wins • 30x wagering – req. vary by game • Bonus expires in 90 days • Payment method & country restrictions apply • Withdrawal terms,
No Deposit Offer terms &
Deposit Bonus Offer terms apply.
Top of the line software providers
Over 1000 very diverse slots
Fantastic mobile version
Can withdraw with PayPal
Get 100 Free Spins when you join & up to 200 more
New casino players only. No deposit bonus is subject to account verification. Min. deposit £10 with code ‘FIRST200’. Debit card (Visa or Mastercard) only. Valid on selected games. 7 day expiry. All spins must be used before withdrawal allowed. Terms apply.
EU Licence
No software download required
Voted Online Casino of the Year for three years running
Attractive bonus offer and progressive jackpots
Get 50 Free Spins When You Sign Up and 100% Deposit match up to £100 Bonus + 100 Free Spins
Up to £100 Bonus
Read our review
18+. Play Safe. New UK customers only. Opt in required. 1x per customer. Min. £10 deposit. 1st deposit only. Selected games only. Max. Bonus £100 with 15x wagering and 100 Free Spins at £0.20/spin on Lucky Mr Green with 15x Wagering. Free Spins and Bonus credited once deposit amount has been wagered on slots. Bonus and Free Spins expire 7 days after issue. Game weighting, game, country, currency, player restrictions and terms apply.