James Packer. Blackstone who is the founder of crown resort company is now offering $6.2 billion for his company. This gaming operator company is an Australian company worth billions of dollars.
Though the private equity titan owner did not confess and confirmed this burning issue publicly, there is enough evidence of sending shares of crown resorts over 19 percent in the recent trading sessions.
The casino operator is offered the share worth $ 9.16 (in local currency it’s $11.85) by Crown resorts.
On Sunday, the gaming company announced that a company has offered a proposal on behalf of fund management which is totally uninvited and non-binding and suggestive. The company offers a revealing price which is $11.85 per share to gain all the shares owned by Crown resorts.
So, the transaction proposal is subject to a number of conditions such as diligence and ability of buyers to manage debt, undisputed permission by crown’s board of directors needs to take into account, to run the objectives to combined resorts in Sydney, Melbourne and Perth the consent of investment committees and permission from the Australian regulators is important also.
A question is taking place all over that should the crown acquire by a private equity firm? The statement comes with the end of the drama of this gaming company.
Market Analysis
Former New South Wales Supreme Court Judge Patricia Bergin published a report which creates the issue of escalating monitoring analysis in the market. The report is about the company’s anti-money laundering failures. According to the report the billion worth company Crown is not fit to issue the license in New South Wales. This report sparked a burning issue all over regarding the Crown Resort. And this is the reason why the gaming company drama is facing a big question mark. Whether it worth it or not?
Moreover, the WA (Western Australia) is started examining the issue of the Casino’s sustainability to acquire the gaming permit.
The report published by Bergin is considered a bombshell for the company, but the company is trying to maintain its balance sheet strongly and tries to operate in the gambler’s devoted market.