The Blackstone Group Inc. (NYSE:BX) made an offer to acquire the remaining 90% stake in Crown Resorts Limited (ASX:CWN) from James Packer and others for AUD 7.2 billion on March 21, 2021. The transaction is structured as a scheme of arrangement. Under the terms of the consideration, the shares will be acquired for cash payment of AUD 11.85 per share. As of May 10, 2021, The Blackstone Group Inc. has revised its offer price to AUD 12.35 per share. As per the revised offer, The Blackstone Group Inc. made an offer to acquire the remaining 90% stake in Crown Resorts Limited from James Packer and others for AUD 7.5 billion. As of November 19, 2021, The Blackstone Group Inc. has revised its offer price to AUD 12.50 per share. The indicative price will be reduced by the value of any dividends or distributions declared or paid by Crown. Transaction would be funded through a combination of debt and equity. Jane Halton, Toni Korsanos and John Horvath, the latter of whom has said are expected to leave. The transaction is subject to due diligence, arranging debt finance, a unanimous Crown Board recommendation and a commitment from all Crown Directors to vote in favor of the transaction, execution of a binding Implementation Agreement incorporating various terms and conditions including a condition that Blackstone receive regulatory confirmation that a Blackstone-owned Crown is considered a suitable person to continue to own and operate the Sydney, Melbourne & Perth licenses and other gaming-related approvals as required and approval from Blackstone investment committees. It is the expectation of Blackstone that it will receive probity approval to acquire 100% of Crown from each of the state gaming regulators by third quarter of 2021. Blackstone is still waiting to hear from the Helen Coonan-led Crown ­Resorts board and in touch with regulators on its takeover bid. Blackstone has also indicated that its Proposal is not conditional on arranging debt financing. As of May 17, 2021, Crown Resorts Board has unanimously concluded that the revised from Blackstone proposal undervalues Crown and is not in the best interests of the shareholders. The transaction is subject to approval from Royal Commission into Crown Melbourne and the Western Australian Royal Commission. Transaction is expected to close in third quarter of 2021. On May 10, 2021, The Star Entertainment Group Limited made a competing offer to acquire Crown Resorts Limited (ASX:CWN) for AUD 8.5 billion. Allens acted as legal adviser, Kelvin Barry of UBS and Goldman Sachs Australia Pty Ltd acted as financial adviser for Crown. Gresham Partners acted as financial adviser and Herbert Smith Freehills as legal adviser to Crown Resorts. Blackstone Inc. (NYSE:BX) cancelled the acquisition of remaining 90% stake in Crown Resorts Limited (ASX:CWN) from James Packer and others on December 2, 2021. Crown Resorts Board has unanimously concluded that the revised from Blackstone proposal undervalues Crown and is not in the best interests of the shareholders.