Crown Spurns $6.2B Blackstone Bid, Is Open To Further Talks

By Benjamin Horney (December 2, 2021, 8:26 AM EST) -- Australian resort and casino operator Crown Resorts Ltd. said Thursday that Blackstone's AU$8.5 billion (US$6.2 billion) takeover proposal is not compelling, and invited the private equity giant to view nonpublic information as part of due diligence ahead of potentially making a stronger offer.

Blackstone Group's latest bid, made Nov. 19, was worth AU$12.50 per share, and followed multiple other offers made by the PE firm this year. On Thursday, Southbank, Australia-based Crown said that, after careful consideration, its board of directors has determined the offer is inadequate, although that doesn't mean Blackstone is out of the running.

"The crown board is...

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