CWNCD Crown Ltd

   By Rhiannon Hoyle 
 

Crown Resorts Ltd. said U.S. private-equity firm Blackstone Group Inc. sweetened its takeover offer for the Australian casino operator.

Crown on Friday said Blackstone has offered a price of 12.50 Australian dollars (US$9.10) a share, minus any dividends to be paid by Crown, to buy the business. Blackstone most recently offered A$12.35 per share for Crown in May, increasing an earlier offer of A$11.85 per share.

The proposal includes a number of conditions, including due diligence and a unanimous Crown board recommendation, as well as final approval from casino regulators in the states of Victoria, New South Wales and Western Australia, Crown said.

"Blackstone has stated that it has engaged with the regulators in relation to this issue and that the regulators' advisers have indicated to Blackstone that there is no reason to believe that an approval would not be realized," the company said.

Blackstone has said it is prepared to go ahead with a takeover of Crown, which is facing multiple investigations from Australian authorities into its business practices, even if those processes are ongoing, Crown said.

Crown said its directors are yet to have formed a view on Blackstone's latest proposal.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

November 18, 2021 18:40 ET (23:40 GMT)

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