Reclusive billionaire James Packer is set to lose his embattled Crown casino empire in a takeover bid from private equity firm Blackstone.
Casino giant Crown Resorts said on Thursday it has received a revised non-binding proposal from private equity firm Blackstone worth at least $8.87 billion.
Blackstone increased its previous $12.50 per share offer to $13.10 after a look at the Casino’s books during due diligence in December.
James Packer (pictured) is set to lose his embattled Crown casino empire in a multi-billion dollar takeover bid from private equity firm Blackstone
Shareholders were recommended to accept the new deal if Blackstone puts forth a binding agreement of no less than $13.10 cash per share.
‘Crown has decided to provide Blackstone with the opportunity to finalise its due diligence inquiries and negotiate the terms of an implementation agreement, so that Blackstone can put forward a binding offer,’ Crown said.
The actioning of any takeover deal will lie with billionaire James Packer who owns 37 per cent of Crown and has been looking to offload his stake in recent years.
A takeover deal from Blackstone would require a shareholder vote with 75 per cent support from Crown board members.