With his Board of Directors considering a takeover bid of the Crown Casino empire by US private equity firm Blackstone, Australian gaming giant James Packer could be about to pocket a massive $3bn for the business he founded two decades ago.
Crown received the latest bid proposal from Blackstone during the first week in January and the Board will unanimously recommend its acceptance by existing shareholders.
This latest offer values the company at $8.87bn and as the 37% owner, Mr. Packer is expected to support the Board’s recommendation. A statement from his Consolidated Press Holdings company said: “The assets of Crown Resorts are world class, and this is reflected in the significant interest in the company.”
