Crown Resorts accepts Blackstone’s $8.9bn takeover bid

Crown Resorts has accepted an $8.9 billion takeover bid from American private equity firm Blackstone Inc. which values its share price at $13.10 per share.

Blackstone originally offered a price around $845 million lower a year ago, with the latest offer valuing its shares at $13.10 cash per share. Crown shares last traded at $9.90 per share in November before being suspended while the acquisition offer was being discussed.

“The Board has fully considered the Blackstone Transaction and unanimously recommends the proposal, subject to customary conditions such as an independent expert concluding the transaction is in the best interests of Crown shareholders and there being no superior proposal,” said Crown chair Ziggy Switkowski.

“When considering any proposal, the Crown Board has consistently stated it is committed to maximising value for Crown shareholders.”

The Crown board has unanimously recommended that shareholders now vote in favour of the deal.

James Packer, who owns a 37 per cent stake Crown, has not yet released a statement on the proposal.