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    CWN   AU000000CWN6

CROWN RESORTS LIMITED

(CWN)
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Crown Resorts Gets Increased Buyback Proposal From Oaktree

06/14/2021 | 05:17pm EDT

By Stuart Condie

SYDNEY--Australian casino operator Crown Resorts Ltd. said Oaktree Capital Management has raised the size of the financing it proposes to fund a buy back of shares held by billionaire James Packer's investment firm.

Crown on Tuesday said it had received a revised proposal from Oaktree to provide a funding commitment of up to 3.1 billion Australian dollars (US$2.39 billion) to buy back some or all of the 37% stake held by Mr. Packer's firm, Consolidated Press Holdings. Oaktree in April proposed a A$3 billion facility.

The board has not yet formed a view of the proposal, Crown said.

Last month, Crown rejected an improved takeover offer from U.S. private-equity firm Blackstone Group Inc., saying it undervalued the company and presented too much regulatory uncertainty. It has also asked Australian rival The Star Entertainment Group Ltd. for more information on a merger proposal that Star made in May.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

06-14-21 1917ET

Stocks mentioned in the article
ChangeLast1st jan.
CROWN RESORTS LIMITED 1.68% 9.08 End-of-day quote.-5.71%
THE BLACKSTONE GROUP INC. -0.01% 115.1899 Delayed Quote.77.73%
THE STAR ENTERTAINMENT GROUP LIMITED -1.74% 3.38 End-of-day quote.-8.15%
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More news
Financials
Sales 2021 1 508 M 1 113 M 1 113 M
Net income 2021 -196 M -144 M -144 M
Net Debt 2021 972 M 717 M 717 M
P/E ratio 2021 -32,7x
Yield 2021 0,64%
Capitalization 6 149 M 4 537 M 4 540 M
EV / Sales 2021 4,72x
EV / Sales 2022 2,41x
Nbr of Employees 12 166
Free-Float 53,9%
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Technical analysis trends CROWN RESORTS LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 9,08 AUD
Average target price 11,48 AUD
Spread / Average Target 26,5%
EPS Revisions
Managers and Directors
Steven B. McCann Chief Executive Officer, Director & MD
Alan McGregor Chief Financial Officer & Secretary
Helen Anne Coonan Executive Chairman
Steven Blackburn Chief Compliance & Financial Crimes Officer
Sarah Jane Halton Independent Non-Executive Director
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