14/02/2022 17:11

Crown Resorts (CWN) $12.64

CWN +2.02%: On its 4th attempt, Blackstone looks to have gotten over the line on its takeover for Crown at $13.10, having lodged the first offer at $11.65. The deal is still subject to regulatory approval hence the prevailing discount to the bid price however there is a high probability the deal will complete. We have little doubt this will prove to be a good buy for...

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13/01/2022 17:07

Crown Resorts (CWN) $12.65

CWN +8.77%: the casino operator received an improved bid from US Private Equity group Blackstone today, a ~5% improvement on the initial offer back in November. The new bid comes after months of discussions and a peak behind the curtains of Crown but still remains conditional on further due diligence and the usual caveats of regulatory approvals. The Crown...

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02/12/2021 16:44

Crown Resorts (CWN) $11.02

CWN +0.73%: Reports this morning that Star Entertainment (SGR) were back looking at Crown saw the stock marginally higher today while they also announced they granted Blackstone non-exclusive due diligence which, as Crown put it, will allow them to firm up a more palatable offer in excess of their current $12.50 proposal. While we think the risk/reward...

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02/12/2021 09:28

Crown Resorts (CWN) $10.94

Obviously there’s far more moving parts to CWN than just some nice hotels but the more people who can get out and about the greater the turnover at its casinos. This is a situation stock which is already in play with 10% shareholder US private equity giant Blackstone having re-entered the arena last month with a $12.50 bid, over 14% above yesterdays...

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19/11/2021 17:10

Crown (CWN) $11.54

CWN +16.57%: received another takeover bid today from its 2nd largest shareholder behind JP, namely Blackstone. This is now the 3rd time Blackstone have approached CWN and have now upped their offer to $12.50 cash, valuing the company at about $8.5 billion. They had bid $11.85 in March and $12.35 in May. The price in +25% premium to last close...

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28/10/2021 11:20

Flagship Growth Portfolio – Amendments

We are cutting Crown for a small profit, IAG for a small loss and buying Resmed & QBE Insurance.

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27/10/2021 09:19

Crown Resorts (CWN) $10.50

Yesterday saw CWN get a very useful reprieve from the Victorian Royal commission, they have 2-years to get their house in order which certainly beats having their gaming licence stripped away. The action will hopefully set some degree of precedent for Sydney and Perth which will put CWN back to business but with a small mountain to climb. MM will be re-evaluating our position moving forward especially if we see gains back towards $12 but this should be taken as a positive while we wait of the news from the other 2 states.

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26/10/2021 17:02

Crown Resorts (CWN) $10.50

CWN +8.70%: The embattled casino & property company was thrown a life line today retaining their Victorian casino licence under a regime of strict conditions. While it’s clearly a positive, the conditions will be tough and the impact on earnings is hard to quantify at this stage. We estimate that Crown’s property portfolio has a value of ~$8.00-$8.50 and the Casino...

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26/10/2021 09:41

Crown (CWN) $9.66

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21/10/2021 16:52

Crown Resorts (CWN) $9.47

CWN -0.53%: held its AGM today and there wasn’t a lot of new news to report. They reiterated the huge refresh that has occurred at board and senior management level, they talked to opportunities in the future but near term challenges, they copped heat and rightly so from shareholders about termination payments which were excessive delivering the board...

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