Blackstone modifies the acquisition of Crown: problems in sight?

Home » Blackstone modifies the acquisition of Crown: problems in sight?

Blackstone modifies the acquisition of Crown. This is the latest news on the now well -known story that sees among the protagonists the Australian Crown Resorts, leader in the casino and luxury resort and Blackstone, investment company that already has 10% of the actions of the Crown Resortsnull In recent weeks, in fact, Blackstone had made a proposal of acquisition for a value of approximately 6 billion dollars Americans for the remaining 90% of the shares.

In recent weeks, however, Crown Resort had declared that he had to reflect on the offer and in the meantime the entry of nigel morrison within the Crown Resort Council. Precisely this assumption had hinted that the proposal would be refused and that Crow Resort would try to overcome economic problems, also caused by legal troubles, and continued alone.

In recent days, however, it has been understood that the operation was proceeding and that indeed Blackstone had requested some changes and guarantees to ensure that the acquisition could go throughnull In this way Blackstone modifies the acquisition of Crown in all respects, or at least tries. Let's see where the situation is.

The facts and requests for modification

On 22 March Blackstone Group Inc sent an indicative proposal to acquire all Crown actions. The price indicated for the operation was 11.85 Australian dollars (about 9 American dollars) for each action.

Obviously, as often happens in these cases, the proposal also provided for a series of conditions on which both had to commit. Among these, for example, there is the fact that Blackstone should guarantee the continuation and complete management of Sydney, Melbourne and Perth and other approvals relating to games as required.

In the new announcement, however, news that concern other requests made by Blackstone emerge to complete the acquisition in a positive way. The investment company, in fact, requests decisively and above all as a prerogative condition that Company receives approval from each regulation authoritynull This request was made as essential so that the operation can continue.

Furthermore, He also asks that no license is in western Australia and Victoria can be cancelednull Also in this case, such a situation could compromise everything and ensure that Blackstone definitively withdraws the acquisition offer.

Finally, the last request arrived in the letter with which Blackstone modifies the Crown acquisition concerns the certificate of probitynull In practice, a confirmation of the moral caliber and honesty for Blackstone which must arrive no later than the third quarter of 2022.

Why does Blackstone change the acquisition of Crown?

If you are wondering why the investment company has placed all these essential conditions for the positive outcome of the offer, You must know that in recent weeks Crown has had a lot of problems to facenull Among these, for example, There is the arrest of several people in Macao for alleged illegality towards the rules of gambling.

The most serious accusation, however, is that which concerns an alleged money laundering in some crown casinos as well as a bad management of the same. Precisely for this reason Blackstone believes he had to safeguard if he came into possession of the remaining 90% of Crown Resorts shares.

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