James Packer's private firm open to Blackstone's $6bn buyout proposal for Crown Resorts
- Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.
- CPH on Tuesday also said it has hired Moelis Australia to advise it on its nearly 37% stake, adding that it will engage with relevant stakeholders including regulatory authorities for the proposal.
Billionaire James Packer's Consolidated Press Holdings (CPH) said on Tuesday it was open to considering private equity firm Blackstone Group Inc's A$8.02 billion ($6.13 billion) proposal to buy Australian casino operator Crown Resorts Ltd.
Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.
Top shareholder Packer has been heavily criticized over his alleged influence over Crown despite quitting the board in 2018, with an enquiry by a state asking for a resolution on the ownership before allowing the company to hold a casino license in New South Wales.
Packer is expected to receive about A$2.9 billion from the Blackstone deal.
CPH on Tuesday also said it has hired Moelis Australia to advise it on its nearly 37% stake, adding that it will engage with relevant stakeholders including regulatory authorities for the proposal.
Crown has tapped UBS as its adviser.
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