Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Crown Resorts Limited
  6. News
  7. Summary
    CWN   AU000000CWN6

CROWN RESORTS LIMITED

(CWN)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

The Blackstone Group Inc. (NYSE:BX) cancelled the acquisition of the remaining 90% stake in Crown Resorts Limited from James Packer and others

05/17/2021 EDT

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. 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. The indicative price will be reduced by the value of any dividends or distributions declared or paid by Crown. 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. The Blackstone Group Inc. (NYSE:BX) cancelled the acquisition of the remaining 90% stake in Crown Resorts Limited (ASX:CWN) from James Packer and others on May 17, 2021. The termination of the deal is attributable to the undervaluation of Crown by Blackstone. Morgan Stanley (NYSE:MS) acted as a financial advisor to The Blackstone Group Inc.


ę S&P Capital IQ 2021
All news about CROWN RESORTS LIMITED
09/16Antonia Korsanos to Retire as A Director of Crown Resorts Limited
CI
09/09CROWN RESORTS : Australia's Crown Resorts warns may not continue as 'going concern'
RE
09/08Crown Resorts Limited Auditor Raises 'Going Concern' Doubt
CI
08/30CROWN RESORTS : Swings to Net Loss in FY21 on COVID-19 Related Facility Closures
MT
08/30Consumer Cos Up On Jobs Data Optimism -- Consumer Roundup
DJ
08/30Crown Resorts Ends Talks with Oaktree
CI
08/29Australian shares pulled down by banks, Fortescue boosts miners
RE
08/29CROWN RESORTS : results hit by regulatory costs; Oaktree deal falls through
RE
08/29Crown Resorts Limited Reports Earnings Results for the Full Year Ended June 30, 2021
CI
08/27Crown Resorts Limited Appoints Bruce Carter as Director
CI
More news
Analyst Recommendations on CROWN RESORTS LIMITED
More recommendations
Financials
Sales 2022 2 102 M 1 522 M 1 522 M
Net income 2022 -31,7 M -23,0 M -23,0 M
Net Debt 2022 375 M 272 M 272 M
P/E ratio 2022 -1 094x
Yield 2022 1,43%
Capitalization 6 311 M 4 560 M 4 569 M
EV / Sales 2022 3,18x
EV / Sales 2023 1,99x
Nbr of Employees 12 489
Free-Float 53,9%
Chart CROWN RESORTS LIMITED
Duration : Period :
Crown Resorts Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CROWN RESORTS LIMITED
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Last Close Price 9,32 AUD
Average target price 10,68 AUD
Spread / Average Target 14,6%
EPS Revisions
Managers and Directors
Steven B. McCann Chief Executive Officer, Director & MD
Alan McGregor Chief Financial Officer & Secretary
Sarah Jane Halton Chairman
Steven J. Blackburn Chief Compliance & Financial Crimes Officer
Antonia Korsanos Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
CROWN RESORTS LIMITED-3.22%4 560
EVOLUTION AB71.44%35 428
FLUTTER ENTERTAINMENT PLC2.70%35 222
DRAFTKINGS INC.22.42%22 995
GALAXY ENTERTAINMENT GROUP LIMITED-30.71%22 543
CAESARS ENTERTAINMENT, INC.41.04%22 357