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Australian Court approves Blackstone acquisition of Crown

Australian Court approves Blackstone acquisition of Crown

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The Federal Court of Australia has formally approved Blackstone’s AU$8.9bn takeover of Crown Resorts.

The operator subsequently lodged an office copy of the orders made by the Federal Court with the Australian Securities & Investments Commission, making the acquisition legally effective.

Earlier this month, the proposed acquisition received the approvals of both the Victorian Gambling & Casino Control Commission and the New South Wales Independent Liquor & Gaming Authority. At the time, the Chair of the VGCCC, Fran Thorn, noted: “Our approval comes with stringent conditions which balance delivering stronger controls on the casino and ensuring it continues to be the flagship casino in Australia.”

This will be implemented on June 24th, when shareholders will be paid AU$13.10 per share, in respect of Crown shares held on Friday June 17th.

Blackstone made its first proposal 15 months ago. Further offers were made in May and November last year, with a January 2022 offer finally being supported by the Crown Board, with the proposed acquisition receiving almost unanimous shareholder approval last month.