Blackstone’s move to acquire Crown Resorts and expand its global gambling footprint has been complicated by a new bidder
SYDNEY—U.S. private-equity giant Blackstone Group Inc.’s move to acquire Crown Resorts Ltd. and expand its global gambling footprint has been complicated by a new bidder for Australia’s largest casino operator.
The Star Entertainment Group Ltd., which also operates casinos in Australia, said Monday that it wants to merge with Crown to create a gambling giant with casinos across Australia, including in Melbourne, Sydney and Perth. Star says its offer values Crown’s stock at more than 14 Australian dollars, equivalent to $11, per share. Star is offering 2.68 of its own shares in exchange for every Crown share and a cash option of A$12.50 per share for up to 25% of Crown’s shares on issue.
Blackstone, which already has real-estate assets in Australia and a gambling footprint in other countries, such as the Cosmopolitan casino and resort in Las Vegas, has also increased its bid, Crown said. Blackstone is now offering A$12.35 per share for Crown, up from a proposal worth, with the increased bid valuing Crown at roughly $6.5 billion. Blackstone already owns nearly 10% of Crown, making it the second biggest shareholder.
A Blackstone representative didn’t have an immediate comment on Star’s bid. Crown said its board hasn’t yet decided whether the proposals are in the best interests of the company.
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Star tempts Crown with riskier game of chanceThe odds are quickly changing in the Crown Resorts (CWN.AX) takeover saga. Smaller Australian casino operator The Star Entertainment (SGR.AX) on Monday proposed a merger valuing its embattled rival at A$9 billion ($7.1 billion), including synergies. It’s a deal loaded with assumptions about benefits that would take time to materialise. Even so, Blackstone (BX.N) will be pressured to sweeten its own rival bid yet again.
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