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Blackstone rolls the dice with $6.2 billion move on Australia's Crown Resorts

Blackstone rolls the dice with $6.2 billion move on Australia's Crown Resorts

By , SYDNEY (Reuters) - Blackstone Group Inc proposed a buyout of Australia’s Crown Resorts Ltd in a deal valuing the casino operator at $6.2 billion, a markdown from the troubled company’s value a year ago but a possible reprieve from regulatory pressure.Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. 1 private equity firm or another suitor.“It’s nice to get a bid, and now it’s about price discovery,” said John Ayoub, a...

March 21, 2021
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