THE Crown Resorts Board has rejected yet another takeover bid from Blackstone, the last offer of which proposed to acquire all of the casino/resort operator’s equity for $12.50 in cash per share (TD 19 Nov).
Crown said that its decision to rebuff the acquisition bid was due to an insufficient value offered, however the company has provided Blackstone with the opportunity to access non-public information so that it can formulate a revised proposal.
The troubled Crown business had previously rejected a takeover bid from Blackstone in May (TD 17 May), which was a bid valuing the purchase target at $12.35 a share ($8.2 billion).
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Source: traveldaily