Crown receives $8.5 billion takeover bid

Crown Resorts has received a fresh takeover bid from United States private equity firm Blackstone for a total of $8.5 billion, according to Sky News business reporter Edward Boyd.

The offer is $12.50 per share, a minimal rise from Blackstone’s previous offer of $12.35 a share, which was made in July.

Currently, Crown’s share price is $9.90, for a total valuation of $6.7 billion.

The share price is expected to rise today due to Blackstone’s offer, but the current offer is below what The Star offered Crown earlier this year.

The Star offered to pay approximately $14 a share for a total of around $9.4 billion.

Blackstone already owned 10 per cent of Crown’s shares, and the latest offer is being seen as a way out for billionaire James Packer, who has been told by the Victorian Royal Commission to sell down his shares.

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