Crown Resorts receives AUS$3bn funding proposal from Oaktree
19th April 2021
| By Robert Fletcher
Australian integrated resort operator Crown Resorts has received a proposal from alternative investment management firm Oaktree Capital Management to provide up to AUS$3.0bn (£1.67bn/€1.94bn/US$2.32bn) in funding for a share buy-back programme.
Crown said the funds would be used to buy back some or all of its shares from investment holding business Consolidated Press Holdings (CPH), which currently holds approximately 37% of all shares in the operator.
According to Crown, the proposal is unsolicited, preliminary, non-binding and indicative proposal, and would be subject to shareholder approval, with no votes needing to be cast in favour by CPH or its associates.
Crown would buy James Packer shares back under Oaktree deal
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Crown would buy James Packer shares back under Oaktree deal
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Packer barred from Crown board The NSW gaming regulator has reached an agreement with James Packer preventing him from seeking representation on the board of Crown Resorts.
Business by Lachlan Moffet Gray
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Subscriber only The NSW gambling regulator has reached an agreement with James Packer that formally bans him sitting on the board of or interfering with casino operator Crown Resorts, in which he owns a 37 per cent stake. In a statement the NSW independent Liquor and Gaming Authority said it had reached an agreement with Mr Packer s holding company, Consolidated Press Holdings (CPH), to limit the extent it is able to influence Crown.