Crown Resorts

Crown Resorts: Blackstone Group Raises Offer to AU$13.10 a Share Confirming Our May 20th Guidance

Equity Bottom-Up
192 Views, 17 Jan 2022 00:16
EXECUTIVE SUMMARY
  • Crown's Board which  had rejected two prior Blackstone offers is now seen as embracing its latest bid, but negotiations will be non-exclusive.
  • Our contention was that due diligence undertaken by Blackstone would result in a higher bid. They already hold 9.9%.
  • Stock has long been dead pooled at AU$11 due to regulatory uncertainties prompted by New South Wales investigative report of alleged irregularities in VIP and money laundering.
detail (7-minute read)
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Howard J Klein
Global Gaming and Casinos Industry Specialist
Casino Business Review LLC
Consumer DiscretionaryThematic (Sector/Industry)Equity Bottom-Up

I am a 25+ year c-level executive of the casino industry in operations, marketing, international development and strateg... 

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