Crown Resorts Limited (ASX:CWN) on May 10, 2021 announced it has received a 4% sweetened takeover offer from The Blackstone Group Inc. (NYSE:BX) as well as the emergence of a rival suitor - The Star Entertainment Group Limited (ASX:SGR). Blackstone's improved bid values Crown at AUD 12.35 per share, up from USD 11.85, which implies a total equity valuation of about AUD 8.4 billion (USD 6.59 billion/EUR 5.43 billion), based on number of outstanding shares. Crown said its board has not formed a view on the merits of the revised bid yet.

Shares in the target company closed 7.26% higher at AUD 13 in Sydney on May 10, 2021. Shortly after, the Australian firm made a new announcement saying that Star Entertainment has made an unsolicited, non-binding proposal to acquire its business. The rival suitor has offered 2.68 Star shares for each share of Crown or AUD 12.50 apiece in cash.

The cash consideration is subject to a cap equal to 25% of Crow's total shares outstanding. Blackstone, which already holds a stake of roughly 10%, first tabled an unsolicited, non-binding and indicative AUD 8.02 billion bid to acquire the rest of the Australian casino operator back in March. At the same time, US private equity firm Oaktree Capital Management LP in April offered to provide up to AUD 3 billion in funding to Crown to help the Australian casino operator buy back the stake held by founder James Packer.