Blackstone offer may seal Crown takeover
Private equity group Blackstone has increased its bid for Crown Resorts and this time the casino operator looks likely to accept.
Blackstone raised its bid by 60 cents per share to $13.10 per share, which equates to an $8.87 billion proposal.
Crown on Thursday said it was in shareholders' interest to discuss the offer further and the company will encourage Blackstone to make a binding offer.
If Blackstone makes a binding offer of the same value or more, Crown said its board would unanimously recommend investors accept.
There are no other groups currently vying to buy Crown. Star Entertainment Group and asset manager Oaktree Capital last year made unsuccessful bids.
Crown Resorts has struggled in recent years due to the pandemic and anti-money laundering lapses.
Crown shares on the ASX were up 7.95 per cent to $12.55 at 1105 AEDT.