UK markets closed
  • FTSE 100

    6,915.75
    -26.47 (-0.38%)
     
  • FTSE 250

    22,251.26
    +3.72 (+0.02%)
     
  • AIM

    1,236.50
    -2.54 (-0.21%)
     
  • GBP/EUR

    1.1517
    -0.0005 (-0.05%)
     
  • GBP/USD

    1.3706
    -0.0029 (-0.21%)
     
  • BTC-GBP

    43,135.05
    +237.57 (+0.55%)
     
  • CMC Crypto 200

    1,235.89
    +8.34 (+0.68%)
     
  • S&P 500

    4,128.80
    +31.63 (+0.77%)
     
  • DOW

    33,800.60
    +297.03 (+0.89%)
     
  • CRUDE OIL

    59.34
    -0.26 (-0.44%)
     
  • GOLD FUTURES

    1,744.10
    -14.10 (-0.80%)
     
  • NIKKEI 225

    29,768.06
    +59.08 (+0.20%)
     
  • HANG SENG

    28,698.80
    -309.27 (-1.07%)
     
  • DAX

    15,234.16
    +31.48 (+0.21%)
     
  • CAC 40

    6,169.41
    +3.69 (+0.06%)
     

James Packer's private firm open to Blackstone's $6 billion buyout proposal for Crown Resorts

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The logo of Australian casino operator Crown Resorts adorns a fence surrounding the Crown Perth hotel and casino complex in Western Australia
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Billionaire James Packer's Consolidated Press Holdings (CPH) said on Tuesday it was open to considering private equity firm Blackstone Group Inc's A$8.02 billion ($6.13 billion) proposal to buy Australian casino operator Crown Resorts Ltd.

Blackstone in March had proposed to buy Crown Resorts in a deal valuing the troubled casino operator at $6.2 billion, a markdown from its value a year ago but a possible reprieve from regulatory pressure.

Top shareholder Packer has been heavily criticized over his alleged influence over Crown despite quitting the board in 2018, with an enquiry by a state asking for a resolution on the ownership before allowing the company to hold a casino license in New South Wales.

Packer is expected to receive about A$2.9 billion from the Blackstone deal.

CPH on Tuesday also said it has hired Moelis Australia to advise it on its nearly 37% stake, adding that it will engage with relevant stakeholders including regulatory authorities for the proposal.

Crown has tapped UBS as its adviser.

($1 = 1.3086 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)