Crown Resorts (CWN) shares rally with improved offer
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 board was more welcoming of the new price saying a unanimous board vote would need a bid of at least $13.10/sh, bang on Blackstone’s offer. Ultimately Crown is a keen seller, providing a get out of jail free result for James Packer and the board which has been under immense scrutiny from regulators on a number of fronts. Blackstone is a canny operator seeing value in their assets. This is obviously a positive for equity holders but also debt holders in the Hybrids.