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Crown (CWN) $11.54

UPDATED 19/11/2021 17:10

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CWN +16.57%: received another takeover bid today from its 2^nd largest shareholder behind JP, namely Blackstone. This is now the 3^rd 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 but remains conditional on a few things, including Blackstone doing due diligence on an exclusive basis and the global investment firm receiving final approval from its investment committee + they also want complete board support. We think a deal will get done here, however the market is rightly sceptical given recent history of failed buyouts. This is obviously positive for the shares + also positive for the Hybrids (CWNHB) we hold in our income portfolio.