Crown Resorts has received a third conditional takeover offer from Blackstone at $12.50 per share. Ord Minnett notes share price is well below the bid, implying the market is aware of potential risks. 

Among offer conditions, Blackstone has stipulated that the offer is conditional on receiving approval from casino regulators in Victoria, New South Wales and Western Australia. Ord Minnet's view is that Crown Resorts will likely reject the bid on valuation or regulatory reasons. 

The Buy rating and target price of $15.00 are retained.

Sector: Consumer Services.

Target price is $15.00.Current Price is $11.54. Difference: $3.46 - (brackets indicate current price is over target). If CWN meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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