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A battle has broken out for Crown Resorts after Star Entertainment Group lobbed a highly conditional plan to create a $12 billion merged gambling giant and Blackstone upped its bid for the embattled group, which has appointed Steve McCann as chief executive officer.
The Star, which owns casinos in Sydney and Queensland, has lobbed a nil premium merger proposal with a string of conditions that would create a combined group valued at $12 billion. The new offer would see Crown shareholders receive Star shares and/or cash for their stock.
New Crown boss Steve McCann has been boss of Lendlease for years.
Star Entertainment proposes $12bn merger with Crown Resorts
Business by Lachlan Moffet Gray, Glenda Korporaal 10th May 2021 10:30 AM
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Subscriber only Crown Resorts and Star Entertainment Group would combine to form a near $12bn casino resorts giant under a merger proposal put by Star to the James Packer-backed Crown after months of informal talks. It comes as US private equity giant Blackstone boosted its $8 billion takeover proposal for Crown Resorts in a bid to end the seven-week stalemate over its initial approach for the company. In a statement released on Monday, Crown Resorts said it had received an indicative proposal from Star to merge by way of a scheme of arrangement comprising of a share exchange or alternative cash offer.
Bidding War Drives Share Jump for Australia s Largest Casino Company Crown Resorts has competing bids from Blackstone, Oaktree Capital and Australia s second-largest casino company, Star. Stocks quotes in this article: BX
A billion-dollar bidding war among three would-be investors has emerged for Australia s largest casino operator, Crown Resorts (CWLDY). That in turn has given its shares another boost. For a company that runs casinos that has been told it s unfit to run casinos, it s doing pretty well.
On Monday, the Blackstone Group (BX) raised its offer price for the company. For good reason, because there are new horses in this race. Also on Monday, rival Aussie casino operator Star Entertainment Group (ECHEY) delivered a competing bid. Oaktree Capital Management (OAK) has lodged a separate plan to rescue the troubled company.
ASX hits new record high; BHP, Rio, Fortescue soar
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ASX could hit 7500 in coming weeks
William McInnes
The momentum in the Australian sharemarket is set to continue, with some investment experts tipping the S&P/ASX 200 Index could clear 7500 in the coming weeks, driven by the banks and iron ore miners.
The benchmark index closed at its highest level on record on Monday driven by a surge in the major iron ore miners amid soaring commodity prices.
âThe ASX/S&P 200 is set to surpass 7,200, likely hitting 7,500 in coming weeks, and could even go to 8,000, as iron ore hits record highs, taking BHP Billiton and Rio Tinto with it, and the CBA likely striking a record $100,â said Russel Chesler, head of investments and capital markets at VanEck Australia
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A mean Atlantic southwesterly howls up the sand dunes, blasting a wintry chill across the grassy headland. Out on the exposed hills a slow procession catches my eye. Leaning into the gale is a hardy knot of Arctic adventurers, pressing on and pausing, driving forward for all their worth. They’re buttoned from head to toe in woolens and waterproofs yet they’re out enjoying themselves, chasing after a small white ball. There’s no doubt golfers are a breed apart.
Do they ever look excited at the first tee? “Oh Jesus, yeah,” replies Martin Shorter, director of golf at the recently opened Doonbeg club in Co. Clare. “Shannon airport is in close proximity to us so American visitors will get off the plane and want to play here or Lahinch on the first day they arrive. It’s 8:30 in the morning and there they are, dead tired but they can’t wait to tee off. You see the sleep in their eyes but the adrenaline is kicking in and they can’t wait to go.”